- 6 -
Board of Directors, PREFERABLY by and from
succeeding generations of blood relatives of the
Directors of The Adorno Asset Management Company *
* *.
19. That, in the best interest of The Adorno Business
Company, the Director hereby nominates,
unanimously elects, and appoints Edwin R. Adorno
as THE EXECUTIVE Director of The Adorno Business
Company.
* * * * * * *
/s/
Edwin R. Adorno, Director
The second minutes do not list the name of a “trustee” for Adorno
Business nor make any reference to a “trustee”.
The objection also challenges respondent’s authority to
determine a deficiency against Adorno Business because “IRR
301.7701-4(b) clearly states that: there is another entity that
is like a trust, but it is not recognized (not known to exist) as
a trust for internal revenue purposes”.
E. Respondent’s Response
At the Court’s direction, respondent filed a response to the
foregoing objection. Respondent contends that the second minutes
do not establish that Adorno Business appointed Mr. Adorno as its
trustee under Illinois law, and, therefore, Mr. Adorno is not
authorized to act on behalf of Adorno Business.
Upon the filing of respondent’s response, the Court issued
an order directing both parties to file certain documents with
the Court. Pursuant to the Court’s order, respondent filed,
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 Next
Last modified: May 25, 2011