- 7 - (5) On May 5, 1994, the Castros, as trustees of the CFT, executed a bill of sale purporting to sell the assets of the jewelry business to the CCJT for $10 and other consideration. B. The Operation of the Trusts The declarations of trust with respect to the CFT and the CCJT provided in pertinent part as follows: 1. The CFT The CFT’s declaration of trust described the function and purpose of the CFT: THE TRUSTEES purpose shall be authorized to accept rights, title and interest in and to real and personal properties, whether tangible or intangible, which have been conveyed by THE CREATOR HEREOF AND GRANTOR HERETO to be the CORPUS OF THIS TRUST. Included therein is the exclusive use of HIS lifetime services and ALL of HIS EARNED REMUNERATION ACCRUING THEREFROM, from any current source whatsoever, so that Kevin D. Castro can maximize HIS lifetime efforts through the utilization of HIS Constitutional Rights; for the protection of HIS family in the pursuit of HIS happiness through HIS desire to promote the general welfare, all of which Kevin D. Castro feels HE will achieve because they are sustained by HIS RELIGIOUS BELIEFS. The declaration of trust divided the beneficial interests in the trust into 100 units in certificate form. The units were “non-assessable, non-taxable * * *, non-negotiable, non- transferable (except back to THE TRUST)”. The declaration of trust prohibited the trustees from issuing more than the initial 100 units of beneficial interest. In consideration for petitioner’s contribution of assets and his promise to renderPage: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011