- 5 -
On December 23, 1985, the decedent refinanced the property
with a $350,000 loan from the Winter Hill Federal Savings & Loan
Association. The mortgage on the property securing the loan was
recorded in the registry. Immediately before recording the
mortgage, Joseph S. Maniglia, as trustee of the Fam-Trust,
conveyed the property to the decedent. Immediately after
recording the mortgage, the decedent reconveyed the property to
Joseph S. Maniglia as trustee of the Fam-Trust. Both conveyances
were recorded in the registry.
Mortgage interest on the refinanced loan was reported to the
decedent. The City of Boston issued real estate tax bills for
the property to “MANIGLIA JOSEPH S TRST OF FAM TR.” The property
was insured in the name of “FAM Trust, Joe Maniglia Tr.”
From 1978 through 1999, Federal partnership returns were
filed in the name of “Family Trust”. From 1996 through 1999,
Massachusetts State partnership returns were filed in the name of
“Family Trust”. For taxable years 1996 through 1999, the
partnership filed Schedules K-1, Partner’s Share of Income,
Deductions, Credits, etc., indicating that the decedent and
Joseph S. Maniglia each owned a 50-percent interest in the
partnership and reporting 50 percent of the partnership’s income
to each partner. For taxable years 1996 through 1999, the
decedent and Joseph S. Maniglia each reported the income reported
on the Schedules K-1 on their individual Federal income tax
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 Next
Last modified: May 25, 2011