"Borrowing" from ‘future tithing trust’ to avoid taxes. - cougarguard.com — unofficial BYU Cougars / LDS sports, football, basketball forum and message board

8ballrollin · 02-22-2007, 12:32 AM

Interesting idea, I guess. It didn't work so well in practice. “A” for effort, but an “F” for legality, according to the IRS and a jury...

"The government alleged that the Cooks improperly redirected royalties from Wade Cook's publications into a trust that, at least on paper, was eventually going to become a gift to the Mormon church. The government alleged the royalties were directed into the trust so that the Cooks would not have to report the money as personal income."

"Former stock guru found guilty of tax fraud"
http://seattletimes.nwsource.com/htm...ecook21m0.html

Detroitdad · 02-22-2007, 04:02 AM

This is an explicit example of the greed that we were talking about in the financial scam thread. Why anyone listened to this guy I have no idea.

hyrum · 02-22-2007, 02:41 PM

I guess he forgot one of the advantages of "buy and hold" is that you don't have to pay taxes on capital gains until you sell. You can also donate appreciated stocks as your tithing and not pay on the gains that are donated.

02-22-2007, 12:32 AM	#1
8ballrollin Senior Member Join Date: Jan 2006 Location: WA Posts: 1,287	"Borrowing" from ‘future tithing trust’ to avoid taxes. Interesting idea, I guess. It didn't work so well in practice. “A” for effort, but an “F” for legality, according to the IRS and a jury... "The government alleged that the Cooks improperly redirected royalties from Wade Cook's publications into a trust that, at least on paper, was eventually going to become a gift to the Mormon church. The government alleged the royalties were directed into the trust so that the Cooks would not have to report the money as personal income." "Former stock guru found guilty of tax fraud" http://seattletimes.nwsource.com/htm...ecook21m0.html

02-22-2007, 02:41 PM	#3
hyrum Senior Member Join Date: Jul 2006 Posts: 860	oops I guess he forgot one of the advantages of "buy and hold" is that you don't have to pay taxes on capital gains until you sell. You can also donate appreciated stocks as your tithing and not pay on the gains that are donated.

Thread Tools
Show Printable Version Email this Page
Display Modes
Linear Mode Switch to Hybrid Mode Switch to Threaded Mode

02-22-2007, 04:02 AM	#2
Detroitdad Resident Jackass Join Date: Apr 2006 Location: Roswell, New Mexico Posts: 1,846	This is an explicit example of the greed that we were talking about in the financial scam thread. Why anyone listened to this guy I have no idea.