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reconsideration) of our Memorandum Opinion in these cases set
forth in T.C. Memo. 2002-74 (Richards I). We shall deny that
motion.
We begin by setting forth the background pertinent to this
Supplemental Memorandum Opinion, which includes not only the
background set forth in Richards I that we incorporate herein by
this reference, but also certain other matters that the record in
these cases establishes and/or that the parties do not dispute.
Background
Richards Asset Management Trust (Richards Management Trust)2
filed Form 1041, U.S. Income Tax Return for Estates and Trusts
(trust return), for each of the taxable years 1996 and 1997. In
separate Schedules K-1, Beneficiary’s Share of Income, Deduc-
tions, Credits, etc., that Richards Management Trust included
with each of its 1996 and 1997 trust returns, Richards Management
Trust showed Everett D. Richards (Mr. Richards) and Richards
Charitable Trust as beneficiaries and Mr. Richards as the fidu-
ciary of Richards Management Trust.
In each of its 1996 and 1997 trust returns, Richards Manage-
ment Trust deducted depreciation with respect to certain personal
2When referring in this Supplemental Memorandum Opinion to
Richards Asset Management Trust, Richards Management Trust, and
Richards Charitable Trust, our use of the word “Trust” and any
similar words is for convenience only and is not intended to
convey any meaning or have any significance for Federal tax
purposes.
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