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Showing Original Post only (View all)Bloomberg News: Romney ‘rented’ Mormon church’s exemption to defer taxes for 15 years [View all]
This just came out today. Huge.
http://www.rawstory.com/rs/2012/10/29/bloomberg-news-romney-rented-mormon-churchs-exemption-to-defer-taxes-for-15-years/
Republican presidential nominee Mitt Romney used a loophole to rent the Mormon churchs 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, Bloombergs Jesse Drucker explained. At the same time he is benefitting, the trust will probably leave the church with less than what current law requires.