Chapter 33. It just doesn’t stop
Phony trusts
Phony trusts that sometimes go under the name “Pure Trusts,” “Pure Equity Trusts,” or “Common Law Trusts” are another scam tactic that the promoters of these trusts know is not a legitimate way to avoid taxes. Placing all your assets in a trust that you control doesn’t avoid income taxes. However, this fact doesn’t stop the promoters of such trusts, used for income tax avoidance, from selling the scammer’s “special knowledge” and such trusts to avoid paying income taxes.
David Marvin Swanson’s business, Dynamic Monetary Strategies, sold fraudulent trusts that he called unincorporated business trust organizations which, according to Swanson, could protect income and assets from federal income tax. The ...
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