Realty Transfer tax on FLP transfer

Owner of property (father) sets up a family limited partnership. General partner of the FLP is an LLC, the sole member of which is the father. The limited partners are the father (individually) and his children.
 
Is the transfer of the property from the father into the FLP exempt from realty transfer tax, since a transfer of the father's interest to his children outside the FLP would be exempt? If so, is there special language I should include in the deed or Statement of Value form to ensure that the exemption isn't rejected?
 
Thanks in advance.
 
Andrea M. Bartko, Esq.
Pietragallo, Bosick and Gordon LLP
One Oxford Centre, 38th Floor
Pittsburgh, PA 15219

Phone: (412) 263-4364
Fax: (412) 261-5295

E-Mail: AMB_at_PBandG.com
Received on Wed Aug 30 2006 - 14:07:34 PDT