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Thu Nov 1, 2012, 11:32 AM

Romney ‘rented’ Mormon church’s exemption to defer taxes for 15 years

http://current.com/community/93945453_romney-rented-mormon-church-s-exemption-to-defer-taxes-for-15-years.htm

Republican presidential nominee Mitt Romney used a loophole to “rent” the Mormon church’s tax exemption status and defer paying taxes for 15 years, according to a new report.

Tax returns obtained by Bloomberg News through a Freedom of Information Act request indicated that Romney set up a charitable remainder unitrust (CRUT) in June 1996 just before Congress cracked down on the loophole in 1997.

“In this instance, Romney used the tax-exempt status of a charity — the Mormon Church, according to a 2007 filing — to defer taxes for more than 15 years,” Bloomberg’s Jesse Drucker explained. “At the same time he is benefitting, the trust will probably leave the church with less than what current law requires.”

Estates lawyer Jonathan Blattmachr told Bloomberg that Romney’s trust benefits from the Mormon church’s exempt status because charities don’t pay capital gains taxes when they make a profit from the sale of assets.

“The main benefit from a charitable remainder trust is the renting from your favorite charity of its exemption from taxation,” Blattmachr said, adding that the charitable contribution “is just a throwaway” and the church would receive little if any financial benefit from the trust.

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Reply Romney ‘rented’ Mormon church’s exemption to defer taxes for 15 years (Original post)
G_j Nov 2012 OP
Skink Nov 2012 #1
G_j Nov 2012 #2
HopeHoops Nov 2012 #3
begin_within Nov 2012 #4
maxsolomon Nov 2012 #5

Response to G_j (Original post)

Thu Nov 1, 2012, 11:37 AM

1. doesn't everybody do that?

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Response to Skink (Reply #1)

Thu Nov 1, 2012, 12:08 PM

2. lol

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Response to Skink (Reply #1)

Thu Nov 1, 2012, 01:23 PM

3. Yeah, we should just become Mormons and the tax code would be fair.

 

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Response to G_j (Original post)

Thu Nov 1, 2012, 01:24 PM

4. He's a sly fox, that one.

 

Now he wants to guard the chicken coop...

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Response to G_j (Original post)

Thu Nov 1, 2012, 01:24 PM

5. Perfectly legal

at the time.

To paraphrase Willard Romney: "if i paid more in taxes than i was obligated to, i wouldn't be qualified to be president".

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