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Microcap & Penny Stocks : International Automated Systems
IAUS 0.04000.0%Jul 8 5:00 PM EST
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From: TEDennis8/7/2021 12:57:40 PM
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Recommended By
scion

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Docket entry #1143: MOTION to Intervene and Memorandum in Support filed by Movant Preston Olsen.

This should be interesting.

A few months ago the US Tax Court ruled that the Olsens did not qualify for any tax credit or depreciation benefits for buying lenses. They will have to somehow "make it right" with the IRS. ie: Pay back whatever refunds were issued by the IRS.

With that Tax Court ruling, it is highly likely that all other lens buyers who claimed the tax benefits would suffer the same fate. Get your checkbooks out.

The Receiver has recovered (and continues to recover) funds from lens buyers (RaPower3 team members) who were paid commissions to sell lenses to other buyers.

The Receiver has already turned over $7 million to the IRS from those funds.

With the above motion, the Olsens are now "intervening" in the process to transfer those funds to the IRS.

The Olsens say the funds should be used to reduce the balance of their amount due to the IRS for claiming benefits they did not qualify for.

Fascinating.

Should the recovery of commissions paid for illegally selling lenses be considered payback for illegally claiming the Tax Credit and Depreciation?

I don't think so. It sounds to me like it's just another attempt to delay the inevitable.

But, this *IS* the law we're dealing with here. It's anybody's guess.

I don't know whether this "intervene" motion will delay the US Tax Court's attempts to pursue the other 100 or so taxpayers who petitioned the court after the IRS denied their benefits. I don't think it should, but that's just me.

The names of the "intervenors" are in doc #1143-1.

There are several names in that list who used to be strong vocal supporters of this circus on multiple public forums (RagingBull, Yahoo). Those folks have been strangely silent for quite a while.

Well, OK.

Not "strangely" silent.

Just silent.

I'm hoping for all legal action related to this circus to be completed soon.

"soon", as in the proverbial and satirical "two more weeks".

Sure is a pretty day.

TED
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