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Is a limited partnership established for estate planning purposes or merely to own a life insurance policy subject to tax?

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Is a limited partnership established for estate planning purposes or merely to own a life insurance policy subject to tax?

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Yes. The law specifically provides that limited partnerships are subject to tax, by including them in the definition of “taxpayer” or “person.” Therefore, unless a particular limited partnership falls within an exemption contained in Tenn. Code Ann. Section 67-4-2008, it is taxable.

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