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Management. Petitioner asks the Court to find as a fact that he
transferred his entire beneficial interest in Ideal Management to
Clark for no consideration 1 day after he joined Ideal
Management. We decline to do so. The facts of this case
preclude such a finding. Ideal Management's minutes for an
April 1989 meeting, for example, state that all 100 capital units
would revert back to petitioner and Webb upon Clark's
liquidation. Likewise, Clark's address during 1992 was
petitioner's home address, which points to the conclusions that
petitioner controlled Clark and that the purported transfer of
the capital units to Clark did not actually give Clark any
meaningful rights or interests in Ideal Management. We also
believe it is implausible that petitioner would have transferred
away all of his legal and beneficial interests in his assets,
including the tools of his trade, for practically nothing in
return. Following our review of the record, we are satisfied
that petitioner was the actual beneficiary of Ideal Management.
See United States v. Scott, supra at 1572.
As to the fourth factor, we find that petitioner was not
bound by any restrictions imposed by Ideal Management or the law
of trusts as to the use of the transferred property.
Petitioner's unrestricted use of Ideal Management's property
leads us to believe that it was not restricted in any meaningful
manner, including fiduciary restraints.
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