- 4 - 2. NHF NHF is a section 501(c)(3) organization and is eligible to receive tax-deductible contributions under section 170(c)(2). 3. The Addis Family Foundation On October 10, 1997, petitioners established a fund within NHF called the Addis family foundation. The purpose of the Addis family foundation is to fund Christian organizations and programs and individual evangelists. Mrs. Addis paid $285 to NHF to establish the Addis family foundation. 4. The Life Insurance Policy on Mrs. Addis On October 10, 1997, petitioner wrote to Dr. J.T. Houk, the president of NHF, stating that the Addis family trust intended to buy an insurance policy on the life of Mrs. Addis and would grant NHF an option to acquire an interest in that policy. On October 15, 1997, the Commercial Union Life Insurance Co. of America (Commercial Union Life) issued a life insurance policy on the life of Mrs. Addis (the life insurance policy or the policy) to petitioner. Mrs. Addis was 44 years old at that time. Petitioners owned the policy through the Addis family trust.2 The life insurance policy had a $40,000 annual premium and an initial death benefit of $991,789. 2 Petitioners possess rights in the insurance policy solely through the Addis family trust.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Next
Last modified: May 25, 2011