IRS, Tax related strategies--Traders Message Board

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Strategies & Market Trends : IRS, Tax related strategies--Traders

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To: ROB who wrote (16)	2/15/1998 11:16:00 PM
From: Colin Cody	Read Replies (1) of 1383

ROB, You likely have been scammed. The Family Estate Trust a/k/a the Pure Trust a/k/a Constitutional Trust a/k/a Equity Trust is a Scam. . The purpose of the trust is to lure people into paying a "trust package fee" for somewhere between $2,000 and $5,000. . Typcially the promoter will lie to you - saying you may now assign your income to either another person or to a trust and therefore escape taxation. Some top that whopper off with another lie that the trust can then use this income stream to pay the grantor's living expenses! . Many of the best of these were peddled by Courtney Smith and Dr. Martin A. Larsen. For the last ten years of his life, Mr. Larsen reiterated his mistake in promoting these Trusts in his weekly column in The Spotlight newspaper. I'd venture to say that most Pure Trusts peddled today, in one form or another, come from these original Spotlight Trusts. . Bottom line is the Pure trust is a Tax protestor Scheme and while you MAY get away with paying no taxes, it will be because you have not been detected or "caught". Anyone can evade taxes... just stop filing, or just underreport income. It's standing up to IRS AUDIT that counts! . BTW, re-read that IRS letter you got. The IRS does not go around writing letters stating that "you have been erased from their records". The IRS also does not lawfully say that you "are no longer required to file" All they may state is that for a specific past filing year you WERE not required to file. . The IRS would never say "a Pure trust has no filing requirements" (look up Rev Ruling 75-257, 75-258, 79-324, 80-321 etc.) unless you mean that in effect a Pure trust is a SCAM and does not exist - in that case, YES a non-existent trust does not file form 1041 Good luck... . Colin .

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