EFTA00001912.pdf
413 KB
Extraction Summary
4
People
2
Organizations
1
Locations
1
Events
1
Relationships
3
Quotes
Document Information
Type:
Legal draft / petition attachment (tax advisory opinion)
File Size:
413 KB
Summary
This document is a draft attachment to a Petition for Advisory Opinion filed with the New York State Department of Taxation and Finance (Form AD-1.8), dated September 25, 2013. A sticky note identifies it as a 'JE mark-up,' indicating Jeffrey Epstein's involvement. The text details a 'Settlor's' intent to exercise a 'Substitution Power' within an irrevocable trust to swap personal property for trust assets of equivalent value, noting that NY sales tax was paid on the substituted property and that beneficiaries might use this property without charge.
People (4)
| Name | Role | Context |
|---|---|---|
| Jeffrey Epstein | Subject / Reviewer |
Referred to as 'JE' in the sticky note regarding the mark-up of the document.
|
| Petitioner / Settlor | Petitioner |
The individual creating the trust and requesting the advisory opinion. Likely Jeffrey Epstein given the 'JE mark-up' ...
|
| Trustees | Fiduciary |
Parties to the Trust Agreement with the Settlor.
|
| Beneficiaries | Beneficiary |
Mentioned as potentially being allowed to use the Substituted Property without charge.
|
Organizations (2)
| Name | Type | Context |
|---|---|---|
| State of New York - Department of Taxation and Finance |
Recipient of the petition (Form AD-1.8).
|
|
| Internal Revenue Service |
Implied by reference to Internal Revenue Code Sections 671 to 679.
|
Timeline (1 events)
2013-09-25
Drafting and review of Petition for Advisory Opinion regarding trust asset substitution.
New York
Locations (1)
| Location | Context |
|---|---|
|
Jurisdiction for the tax petition and location associated with sales tax paid.
|
Relationships (1)
Document discusses the 'Settlor' (implied to be JE via sticky note) and his powers relative to the 'Trustees' regarding asset substitution.
Key Quotes (3)
"JE mark - up of Attachment to Advisory OPINION"Source
EFTA00001912.pdf
Quote #1
"The Settlor wishes to exercise the Substitution Power by substituting personal property he owns"Source
EFTA00001912.pdf
Quote #2
"Trustees may allow Trust beneficiaries to use the Substituted Property without charge or other consideration."Source
EFTA00001912.pdf
Quote #3
Full Extracted Text
Complete text extracted from the document (2,643 characters)
JE mark - up of Attachment to Advisory OPINION
ATTACHMENT TO
PETITION FOR ADVISORY OPINION
PETITION FOR ADVISORY OPINION
State of New York - Department of Taxation and Finance - Form AD-1.8
4. The petitioner submits the following statement of facts as the basis for the requested advisory opinion:
Facts as the basis for the Advisory Opinion
Petitioner (the "Settlor") created an irrevocable trust (the "Trust") pursuant to a trust agreement (the "Trust Agreement") between the Trustees and the Settlor.
The Settlor is deemed to own the Trust property for Federal and New York State
income tax purposes, as provided in Sections 671 to 679 of the Internal Revenue
Code. Under the terms of the Trust Agreement, the Settlor has the right to acquire [handwritten: substitute]
or reacquire trust property at any time (the "Substitution Power"). The provision
of the Trust Agreement creating the Substitution Power reads as follows:
The Settlor is deemed to own the Trust property for Federal and New York State
income tax purposes, as provided in Sections 671 to 679 of the Internal Revenue
Code. Under the terms of the Trust Agreement, the Settlor has the right to acquire [handwritten: substitute]
or reacquire trust property at any time (the "Substitution Power"). The provision
of the Trust Agreement creating the Substitution Power reads as follows:
"Reacquisition of Trust Assets. The Settlor at any time or from time to
time may acquire or reacquire any portion of the Trust Fund of any Trust
by substituting therefor other property of an equivalent value, valued on
the date of substitution. Notwithstanding any other provision of this Trust
Agreement, the Settlor may exercise this power without the consent of
the Trustees. Although this power is exercisable by the Settlor in a non-
fiduciary capacity without the consent of any of the Trustees, the Trustees,
if the Trustees believe that the property the Settlor seeks to substitute
for trust property is not in fact property of equivalent value, shall seek
a determination by a court of competent jurisdiction to assure that the
equivalent value requirement of this provision is satisfied. The Settlor, at
any time, may release this power with respect to any Trust. Any release
under this section shall be irrevocable and shall be made by instrument
in writing signed by the Settlor and delivered to each Trustee of the Trust
with respect to which the release applies."
time may acquire or reacquire any portion of the Trust Fund of any Trust
by substituting therefor other property of an equivalent value, valued on
the date of substitution. Notwithstanding any other provision of this Trust
Agreement, the Settlor may exercise this power without the consent of
the Trustees. Although this power is exercisable by the Settlor in a non-
fiduciary capacity without the consent of any of the Trustees, the Trustees,
if the Trustees believe that the property the Settlor seeks to substitute
for trust property is not in fact property of equivalent value, shall seek
a determination by a court of competent jurisdiction to assure that the
equivalent value requirement of this provision is satisfied. The Settlor, at
any time, may release this power with respect to any Trust. Any release
under this section shall be irrevocable and shall be made by instrument
in writing signed by the Settlor and delivered to each Trustee of the Trust
with respect to which the release applies."
The Settlor wishes to exercise the Substitution Power by substituting
personal property he owns (the "Substituted Property") for [obscured]
than tangible personal property (the "Trust Property") having [obscured]
to the Substituted Property (the "Exchange"). Upon the initia[tion?]
Substituted Property by the Settlor, the Settlor paid New York S[tate]
sales tax with respect to the Substituted Property. Following the [Exchange?]
Trustees may allow Trust beneficiaries to use the Substituted Property w[ithout]
charge or other consideration.
personal property he owns (the "Substituted Property") for [obscured]
than tangible personal property (the "Trust Property") having [obscured]
to the Substituted Property (the "Exchange"). Upon the initia[tion?]
Substituted Property by the Settlor, the Settlor paid New York S[tate]
sales tax with respect to the Substituted Property. Following the [Exchange?]
Trustees may allow Trust beneficiaries to use the Substituted Property w[ithout]
charge or other consideration.
Applicable Law and Regulations
[Handwritten note at bottom:] Mark ?
[Blue Sticky Note:] DRAFT 9.25.13
EFTA00001912
[Blue Sticky Note:] DRAFT 9.25.13
EFTA00001912
Discussion 0
No comments yet
Be the first to share your thoughts on this epstein document