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all Rule references are to the Tax Court Rules of Practice and
Procedure.
After settlement, the primary issue for decision is
whether a trust1 that petitioner established is to be disregarded
for Federal income tax purposes and whether petitioner is to be
charged with gain from sale of a business.
FINDINGS OF FACT
Some of the facts are stipulated and are so found.
At the time the petition was filed, petitioner resided in
Salt Lake City, Utah.
In 1991, petitioner moved to Butte, Montana, and acquired
ownership of a business that owned and operated a pizza
restaurant.
In July of 1994, petitioner moved from Butte, Montana, to
Salt Lake City, Utah.
On August 1, 1994, with assistance from an organization
called the National Association of Financial and Estate Planners
(Financial Planning Co.), petitioner entered into an annuity
contract and formed a so-called annuity trust, and petitioner
purportedly transferred all of the property and assets of the
1 By mere use of the term “trust” we intend no implication as
to whether the trust should be recognized for Federal income tax
purposes.
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