Richards Asset Management Trust, et al. - Page 7

                                        - 7 -                                         
          liable for that taxable year for the accuracy-related penalty               
          under section 6662(a).  In the notice issued to Mr. Richards with           
          respect to the taxable year 1997, respondent determined, inter              
          alia, that he is liable for that taxable year for the accuracy-             
          related penalty under section 6662(a).                                      
               James Binge (Mr. Binge) was the return preparer for each of            
          Richards Management Trust’s 1996 and 1997 trust returns, Mr.                
          Richards and Joy A. Richards’ 1996 return, and Mr. Richards’ 1997           
          return.  Mr. Binge was also listed as the return preparer for               
          Richards Charitable Trust’s Form 990-PF for the taxable year 1997           
          that was provided to respondent during respondent’s examination             
          of Richards Charitable Trust but that respondent has no record of           
          having been filed with respondent.  Respondent has identified Mr.           
          Binge as an individual involved with purported trusts used for              
          tax avoidance purposes.                                                     
               On August 31, 2001, respondent filed separate motions to               
          compel answers to interrogatories and to compel production of               
          documents in each of the cases at docket Nos. 10765-00 and 10766-           
          00.  On September 19, 2001, the Court granted each of those                 
          motions.  Mr. Richards did not answer respondent’s interrogato-             
          ries or produce the documents requested by respondent, as ordered           
          by the Court on September 19, 2001.                                         
               On October 2, 2001, Richards Management Trust, Mr. Richards,           
          and Richards Charitable Trust filed a joint motion to continue              

Page:  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