Plaintiff unable to demonstrate that its net earnings didn’t provide a benefit to any individual and that it operated solely for exempt purposes
Last week, the U.S. District Court for the District of Columbia granted summary judgment in favor of the Internal Revenue Service and against the Family Trust of Massachusetts, Inc. (FTM) (Family Trust of Massachusetts, Inc. v. United States, Civil Action No. 11-00680 (Sept. 24, 2012)). FTM served as trustee for over 300 elderly and disabled individuals who took part in a pooled-asset special needs trust program. In 2005, FTM applied to the IRS for a determination that FTM was a tax-exempt ...
All Access Premium Content Subscription
Subscribing to premium content on WealthManagement.com will give you full access to all articles and media content for 12 months.
Already registered? Log In here
This flawless, 101.7-carat, pear-shaped diamond—one of the world’s largest —will go up for auction at Christie’s “Magnificent Jewels” sale in Geneva on May 15, 2013. How much will it sell for? Choose the correct answer and registered site users will be eligible to win a one-year subscription to Christie's Geneva Jewelry sales catalogue, courtesy of Christie's. 
