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Schedule A”, Itemized Deductions, but no Schedule A was attached.
The trust provided:
In each taxable year of the trust, the Trustee(s)
shall pay to J.O. Haney Jr. & Patricia A. Haney,
(hereinafter referred to as “the Recipient(s)”), an
amount equal to five percent (5%) per annum of the net
fair market value of the assets of the trust valued as
of the day of the initial transfer. The annuity trust
amount will be paid on an annual basis. To the extent
income is not sufficient, payments may be made from
principal. Any income of the trust for a taxable year
in excess of the annuity trust amount shall be added to
principal.
* * * * * * *
Upon the death of the Recipient(s), the Trustee(s)
shall distribute any amount due either of the
Recipient(s) or the Recipient(s)’ estate, under the
provisions above, to the estate of the Recipient(s).
The balance of the assets of this annuity trust shall
be liquidated and after all termination fees, taxes,
and expenses are paid, the remaining assets shall be
distributed free and clear of all trusts to the
Beneficiary, “Praisesong Inc.”, 3013 Green Hill Dr.,
Plano, Texas 75093, TID #75-1621089 (hereinafter
referred to as “the Charitable organization”). If the
Charitable Organization is not an organization
described in sections 170(c), 2055(a), and 2522(a) of
the Code at the time when any principal or income of
the trust is to be distributed to it, then the
Trustee(s) shall distribute such principal or income to
such one or more organizations described in section
170(c), 2055(a), and 2522(a) as the Trustee(s) shall
select in their sole discretion.
No minutes were maintained for Oliver & Co.
After formation of the AMC Trust, the Haneys continued to
operate their asphalt business in the same manner as they did
when it was reported by J&J. The Haneys retained substantial
control of all business activity, the business bank accounts, and
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Last modified: May 25, 2011