Universal Trust 06-15-90 - Page 6

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                    that the capital units were issued in exchange for Mr. Johnston’s                                                                                      
                    and Ms. Ghavami’s contribution of certain property to petitioner,                                                                                      
                    including Mr. Johnston’s “knowledge, talent, ability and labor”.                                                                                       
                    Mr. Johnston and Ms. Ghavami also served as petitioner’s                                                                                               
                    “Secretary” and “General Manager”; their duties included signing                                                                                       
                    checks on petitioner’s bank account.                                                                                                                   
                              The record contains a copy of another document, dated                                                                                        
                    October 1, 1991, which also appears to be an indenture for                                                                                             
                    petitioner.  Mr. Chisum claims that this document (the revised                                                                                         
                    indenture) is an amended or restated indenture for petitioner.                                                                                         
                    The revised indenture and the original indenture appear to be                                                                                          
                    identical in most respects, except that the revised indenture                                                                                          
                    provides that petitioner shall be “domiciled in and * * *                                                                                              
                    interpreted and construed under” the laws of the State of                                                                                              
                    Delaware rather than Nevada.                                                                                                                           
                    Facts Relating Primarily to Petitioner’s Motion To Dismiss                                                                                             
                              In December 1994, respondent received a document purporting                                                                                  
                    to be a Form 1041, U.S. Fiduciary Income Tax Return, for                                                                                               
                    petitioner for 1993.  This Form 1041 was signed by Mr. Chisum as                                                                                       
                    “fiduciary or officer representing fiduciary”.  The Form 1041 did                                                                                      
                    not identify petitioner’s trustee or trustees.  It also did not                                                                                        
                    supply a taxpayer identification number for petitioner’s                                                                                               

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