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IRS Sending Promoters and Their Clients to Jail Over Bogus Trusts
103 individuals over the last three years have gone to jail for tax evasion. The IRS is looking at several kinds of sham trusts, including: "vertically layered trusts", which take multiple, illegal tax deductions; "equipment or service trusts", which rent at greatly inflated rates; "family residence trusts"; and charitable trusts paying for personal, educational or recreational expenses that then are deducted as charitable deductions.
About 55% of the foreign trust schemes, which attempt to avoid U.S. tax filing laws.
Source: Investment News, October 30, 2000
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