- 2 - 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.Page: Previous 1 2 3 4 5 6 7 8 9 Next
Last modified: May 25, 2011