- 43 - Although petitioners make multiple references on brief to HGRCT as an “IRC �4947(a) non-exempt charitable trust”, these appellations smack of a dubious and belated attempt to reframe the scenario and lend legitimacy to HGRCT. More importantly, the characterizations do nothing to alter the fact that petitioners were not bound by the paper structure they created but chose to function under an alternative arrangement. In any event, when considering a factual scenario and claims virtually indistinguishable from those at hand, this Court saw no reason to afford credence to the purported charitable trust. Muhich v. Commissioner, T.C. Memo. 1999-192. The persuasive power of the record here is no greater. To summarize, the factors typically considered by this Court in assessing the economic reality of a trust structure counsel that HGAMC and HGRCT do not warrant recognition for tax purposes. 12(...continued) Aegis materials as follows: The way you would save money on your taxes is you’d set up an asset management company, and then you’d set up a charitable trust, so you would put your money into an asset management company, and then you’d pay your expenses out of that for your house and for your living expenses. * * * * * * * But anyway, the charitable trust was something that you put your excess money into it was told to me, and you had to pay out the five percent each year to a charity, but then it was explained to me that you essentially would become your own charity, and that was to be our retirement plan.Page: Previous 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 Next
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