EFTA00025624.pdf
9.72 MB
Extraction Summary
6
People
13
Organizations
5
Locations
0
Events
3
Relationships
0
Quotes
Document Information
Type:
Tax returns (federal and state) and foreign asset reports
File Size:
9.72 MB
Summary
This document contains the 2017 Federal and Massachusetts income tax returns for Scott G. Borgerson and Ghislaine Maxwell. It details their adjusted gross income of $484,192, significant foreign financial assets held by Maxwell in the UK totaling over $3.6 million, and a business loss of $99,490 from Maxwell's consulting firm, Ellmax LLC. The return also documents $66,000 in alimony payments to Rebecca A. Borgerson and imputed interest from a loan associated with the TerraMar Project. No flight logs are included in this document.
People (6)
| Name | Role | Context |
|---|---|---|
| Scott G. Borgerson | Taxpayer |
Primary filer on the 2017 joint tax return.
|
| Ghislaine Maxwell | Spouse |
Joint filer on the 2017 tax return; owner of Ellmax LLC; holder of significant foreign assets.
|
| Laura K. Barooshian | Paid Preparer |
Accountant at DiCicco, Gulman & Company LLP who prepared the returns.
|
| Lindsay J. Annello | Third Party Designee |
Designated person allowed to discuss the return with the IRS.
|
| Rebecca A. Borgerson | Alimony Recipient |
Received $66,000 in alimony payments.
|
| Son | Dependent |
Listed as a dependent child (Name redacted as 'SON X').
|
Organizations (13)
| Name | Type | Context |
|---|---|---|
| DiCicco, Gulman & Company LLP |
Accounting firm preparing the tax returns, located in Woburn, MA.
|
|
| Ellmax, LLC |
Consulting business owned by Ghislaine Maxwell, located in NY. Reported a loss of $99,490.
|
|
| Cargometrics Technologies LLC |
Partnership interest held by taxpayer.
|
|
| Alphakeys Millennium Fund, L.L.C. |
Partnership interest.
|
|
| Cargometrics Compass Fund LP |
Partnership interest.
|
|
| Atlas Enhanced Fund LP |
Partnership interest.
|
|
| Angara Trust |
Trust entity providing income.
|
|
| Tidewood LLC |
Partnership interest.
|
|
| Barclays |
UK Bank where Maxwell held accounts.
|
|
| Cater Allen Private Bank |
UK Bank where Maxwell held significant funds (~$2.6M).
|
|
| Wealth At Work Limited |
UK financial institution holding pension funds.
|
|
| TerraMar Project |
Source of an imputed interest loan ($18,889).
|
|
| Gnat & Company Ltd |
Investment asset listed in Form 8938.
|
Locations (5)
| Location | Context |
|---|---|
|
Mailing address for Taxpayer (Care of Accounting Firm).
|
|
|
Business address for Ellmax, LLC.
|
|
|
Address of Barclays Bank branch.
|
|
|
Address of Cater Allen Private Bank.
|
|
|
Address of Wealth At Work Limited.
|
Relationships (3)
Filed Joint Tax Return 1040 for 2017
Listed as recipient of $66,000 alimony on Statement 2
Schedule C lists Ghislaine Maxwell as proprietor of Ellmax LLC
Full Extracted Text
Complete text extracted from the document (9,130 characters)
EFTA00025624
Return Information
WARNING
Schedule E. Unrecaptured section 1250 gains are entered on the Partnership Passthrough worksheet, Activity section, Unrecaptured section 1250 but no entry was made for section 1231 gain (loss). The unrecaptured section 1250 gain entry should be included in the section 1231 gain (loss) entry on this activity. If the unrecaptured section 1231 gain is included in net long-term capital gain (loss), reduce the long-term capital gain (loss) by the amount of the unrecaptured section 1250 gain. (10228)
CAUTION
Form 3800. An entry has not been made on Business, Farm, Fiduciary Passthrough, Partnership Passthrough, or S-Corporation Passthrough worksheet, Form 6765 - Research Credit section, Itemized deductions field for the portion of itemized deductions that apply to the entity. Itemized deductions have not been taken into account when calculating the entity's income for limiting the credit from Form 6765. (29889)
• Form 114 Electronic Filing. No PIN number is required for Form 114, FBAR, filed through ProSystem fx Tax, as indicated on the PIN line on page 1 of Form 114. (24070)
• Form 114 Electronic Filing. The Filer Signature Date has been populated automatically for the electronic file. A different date may be entered on 114 and 8938 - Foreign Assets worksheet, Form 114 Filer Information section, Date Signed by Filer-Override field. Future dates are not allowed by FinCEN. (24421)
• Massachusetts. For the 2017 tax year taxpayers must file and make extension payments electronically if making a payment of $5,000 or more. As a substitute for an electronically filed extension, payment may be telefiled or filed on Massachusetts TaxConnect web site: mass.gov/masstaxconnect. Form M-4868 is no longer allowed if there is no amount due. (20712)
. Massachusetts. The return due date and/or date filed are after April 17, 2018 and the return has a balance due and/or Schedule HC penalty amount due. No late payment interest or penalties have been requested. Taxpayers with a Schedule HC penalty may receive a notice of underpayment of tax due if late payment interest and penalties are not calculated on any Schedule HC penalty amount due if paid after April 17, 2018. Check your input and recalculate the return, if necessary. (20942)
INFORMATIONAL
EFTA00025625
Return Information
• Schedule A. The state and local income tax deduction is greater than the general sales tax deduction calculation of $1,788. To force the general sales tax deduction, enter "Force sales tax deduction" on the Itemized Deductions worksheet, State and Local Sales Tax Information section, State and local taxes or sales taxes option field. (32549)
. Schedule A. Total available income used in the sales tax deduction calculation is as follows:
Form 1040, line 38 (adjusted gross income) $ 484,192
Tax-exempt interest $ 1,941
Nontaxable combat pay $ 0
Nontaxable part of social security and railroad retirement benefits $ 0
Nontaxable part of IRA, pension, or annuity distributions $ 0
Additional nontaxable income $ 0
2017 total available income used in the sales tax deduction calculation (32563) $ 486,133
Schedule A. The IRS has not provided guidance on 2017 state overpayments as it relates to the Tax Cuts and Jobs Act's language on prepayments of tax. Schedule A, line 5 has not been limited to actual 2017 state income tax liability. To make adjustments or override this calculation, make entries on the Itemized Deductions worksheet, Taxes Paid section or Other Taxes Paid section with a Tax Code of "1". If the current interpretation is desired, this diagnostic should be ignored. (33663)
• Form 1040. An overpayment is present in the return and all or part will be credited to next year's tax. Please review the return to make sure this is correct. (37513)
• Electronic Filing. Electronic filing has been requested for this return. The IRS requires all negative numbers to print with minus signs when filing electronically. In this return, a request was made to print with parenthesis either on the Processing Options section of the Return Options worksheet or in Office Manager. This option was not used in this return. (30853)
Form 1040. The Refund Attributable to Estimate Tax Paid in Following Year on the Other Income worksheet, Refunds of State and Local Income Taxes - Detail/IRS 1099-G section shows $3,021. There is a math discrepancy regarding this amount. Please review your entries on the Other Income worksheet, Refunds of State and Local Income Taxes - Detail/IRS 1099-G section and recalculate the return if necessary. (32267)
EFTA00025626
Return Information
Form 1040. The Refund Attributable to Estimate Tax Paid in Following Year on the Other Income worksheet, Refunds of State and Local Income Taxes - Detail/IRS 1099-G section shows $12,773. There is a math discrepancy regarding this amount. Please review your entries on the Other Income worksheet, Refunds of State and Local Income Taxes - Detail/IRS 1099-G section and recalculate the return if necessary. (32267)
Form 1040. The full-year coverage box for health care has been checked on this return. If this is not the case, entries must be made on the Basic Data worksheet, General section, No health insurance for the entire year and claiming no exemptions field or the Health Coverage worksheet or the Employer Provided Health Insurance Offer and Coverage worksheet to calculate a shared responsibility payment or claim an exemption. Please make any necessary entries and recalculate the return. (38548)
Form 1040. The filing status of married filing joint produced a tax liability that was lower than the estimated tax liability under the alternative filing status of married filing separate by $ 14,313. (31606)
Electronic Filing. The following form has been prepared but is not available for electronic filing: Partnership Basis Limitation Worksheet. Please review the form's printed instructions for proper filing. (37054)
Schedule A. Nondeductible miscellaneous deduction is $9 684. (31731)
Schedule C. Input for the questions regarding filing Form(s) 1099 were left blank. The default answer "No" has been checked for question I and question J has been left blank. To change these answers, make an entry on the Business worksheet, General section, Payments made during the tax year that would require you to file Form(s) 1099 and/or Filed, or will file required Form(s) 1099 fields. (37706)
Form 8582. A nonpassive activity with a prior year suspended passive loss has been entered. This loss has been applied against the activity's current net income, if any. Any unused carryover was then applied against other passive activities. (36505)
Schedule SE. Schedule SE has not been prepared for the spouse because self-employment income is less than $400.00. If Schedule SE is desired, select Mandatory Printing on the Return Options worksheet, Form Printing Options section, Schedule SE (self-employment tax) field. (31108)
EFTA00025627
[... Omitted repetitive OCR for brevity, will include key financial data in structured fields below ...]
SCOTT G. BORGERSON & GHISLAINE MAXWELL
2017 Return Summary
FEDERAL MASSACHUSETTS
ADJUSTED GROSS INCOME 484,192. 656,774.
ITEMIZED OR STANDARD DEDUCTION -301,121. 0.
EXEMPTIONS 0. -9,800.
TAXABLE INCOME 183,071. 646,974.
TAX 16,076. 39,583.
ALTERNATIVE MINIMUM TAX 53,235.
SELF-EMPLOYMENT TAX 22,914.
NET INVESTMENT INCOME TAX 7,813.
INCOME TAX WITHHELD 0. 0.
ESTIMATED TAX PAID -81,857. -22,294.
EXTENSION PAYMENT(S) -60,000. -15,000.
UNDERPAYMENT PENALTY 81. 140.
AMOUNT OVERPAID 41,819.
AMOUNT DUE 0. 2,429.
AMOUNT OF REFUND CREDITED TO NEXT YEAR 41,738. 0.
[...]
FinCEN Form 114
REPORT OF FOREIGN BANK AND FINANCIAL ACCOUNTS
GHISLAI20170001
MAXWELL GHISLAINE
Part II Information on financial account(s) owned separately
15 Maximum value of account during calendar year 282,451.
17 Name of financial institution: BARCLAYS
18 Account number: [Redacted]
20 City: LONDON 23 Country: UNITED KINGDOM
[...]
CATER ALLEN PRIVATE BANK
9 NELSON STREET BRADFORD BD1 5AN UNITED KINGDOM
Maximum value: 2,671,835.
WEALTH AT WORK LIMITED
5 TEMPLE SQUARE, LIVERPOOL L2 5RH UNITED KINGDOM
Maximum value: 675,676.
[...]
Form 1040 U.S. Individual Income Tax Return 2017
SCOTT G. BORGERSON
GHISLAINE MAXWELL
C/O DGC, 150 PRESIDENTIAL WAY 510 WOBURN, MA 01801
Filing Status: Married filing jointly
Exemptions: SON X
Total Income: 581,037
Adjusted Gross Income: 484,192
Total Tax: 100,038
Amount Overpaid: 41,819
[...]
Schedule C Profit or Loss From Business
GHISLAINE MAXWELL
ELLMAX, LLC 116 EAST 65TH STREET NEW YORK, NY 11021
Gross receipts: 0
Total expenses: 99,490
Net profit or (loss): -99,490
[...]
Schedule E
Partnerships: CARGOMETRICS TECHNOLOGIES LLC, ALPHAKEYS MILLENNIUM FUND, CARGOMETRICS COMPASS FUND LP, ATLAS ENHANCED FUND LP, TIDEWOOD LLC
Trusts: ANGARA TRUST
[...]
Form 8938 Statement of Specified Foreign Financial Assets
Foreign Deposit and Custodial Accounts Summary
Maximum Value of All Deposit Accounts: $3,680,740
[...]
Schedule B Statement 14
IMPUTED INTEREST - LOAN FROM TERRAMAR PROJECT 18,889.
[...]
Alimony Paid: REBECCA A. BORGERSON 66,000.
[...]
Return Information
WARNING
Schedule E. Unrecaptured section 1250 gains are entered on the Partnership Passthrough worksheet, Activity section, Unrecaptured section 1250 but no entry was made for section 1231 gain (loss). The unrecaptured section 1250 gain entry should be included in the section 1231 gain (loss) entry on this activity. If the unrecaptured section 1231 gain is included in net long-term capital gain (loss), reduce the long-term capital gain (loss) by the amount of the unrecaptured section 1250 gain. (10228)
CAUTION
Form 3800. An entry has not been made on Business, Farm, Fiduciary Passthrough, Partnership Passthrough, or S-Corporation Passthrough worksheet, Form 6765 - Research Credit section, Itemized deductions field for the portion of itemized deductions that apply to the entity. Itemized deductions have not been taken into account when calculating the entity's income for limiting the credit from Form 6765. (29889)
• Form 114 Electronic Filing. No PIN number is required for Form 114, FBAR, filed through ProSystem fx Tax, as indicated on the PIN line on page 1 of Form 114. (24070)
• Form 114 Electronic Filing. The Filer Signature Date has been populated automatically for the electronic file. A different date may be entered on 114 and 8938 - Foreign Assets worksheet, Form 114 Filer Information section, Date Signed by Filer-Override field. Future dates are not allowed by FinCEN. (24421)
• Massachusetts. For the 2017 tax year taxpayers must file and make extension payments electronically if making a payment of $5,000 or more. As a substitute for an electronically filed extension, payment may be telefiled or filed on Massachusetts TaxConnect web site: mass.gov/masstaxconnect. Form M-4868 is no longer allowed if there is no amount due. (20712)
. Massachusetts. The return due date and/or date filed are after April 17, 2018 and the return has a balance due and/or Schedule HC penalty amount due. No late payment interest or penalties have been requested. Taxpayers with a Schedule HC penalty may receive a notice of underpayment of tax due if late payment interest and penalties are not calculated on any Schedule HC penalty amount due if paid after April 17, 2018. Check your input and recalculate the return, if necessary. (20942)
INFORMATIONAL
EFTA00025625
Return Information
• Schedule A. The state and local income tax deduction is greater than the general sales tax deduction calculation of $1,788. To force the general sales tax deduction, enter "Force sales tax deduction" on the Itemized Deductions worksheet, State and Local Sales Tax Information section, State and local taxes or sales taxes option field. (32549)
. Schedule A. Total available income used in the sales tax deduction calculation is as follows:
Form 1040, line 38 (adjusted gross income) $ 484,192
Tax-exempt interest $ 1,941
Nontaxable combat pay $ 0
Nontaxable part of social security and railroad retirement benefits $ 0
Nontaxable part of IRA, pension, or annuity distributions $ 0
Additional nontaxable income $ 0
2017 total available income used in the sales tax deduction calculation (32563) $ 486,133
Schedule A. The IRS has not provided guidance on 2017 state overpayments as it relates to the Tax Cuts and Jobs Act's language on prepayments of tax. Schedule A, line 5 has not been limited to actual 2017 state income tax liability. To make adjustments or override this calculation, make entries on the Itemized Deductions worksheet, Taxes Paid section or Other Taxes Paid section with a Tax Code of "1". If the current interpretation is desired, this diagnostic should be ignored. (33663)
• Form 1040. An overpayment is present in the return and all or part will be credited to next year's tax. Please review the return to make sure this is correct. (37513)
• Electronic Filing. Electronic filing has been requested for this return. The IRS requires all negative numbers to print with minus signs when filing electronically. In this return, a request was made to print with parenthesis either on the Processing Options section of the Return Options worksheet or in Office Manager. This option was not used in this return. (30853)
Form 1040. The Refund Attributable to Estimate Tax Paid in Following Year on the Other Income worksheet, Refunds of State and Local Income Taxes - Detail/IRS 1099-G section shows $3,021. There is a math discrepancy regarding this amount. Please review your entries on the Other Income worksheet, Refunds of State and Local Income Taxes - Detail/IRS 1099-G section and recalculate the return if necessary. (32267)
EFTA00025626
Return Information
Form 1040. The Refund Attributable to Estimate Tax Paid in Following Year on the Other Income worksheet, Refunds of State and Local Income Taxes - Detail/IRS 1099-G section shows $12,773. There is a math discrepancy regarding this amount. Please review your entries on the Other Income worksheet, Refunds of State and Local Income Taxes - Detail/IRS 1099-G section and recalculate the return if necessary. (32267)
Form 1040. The full-year coverage box for health care has been checked on this return. If this is not the case, entries must be made on the Basic Data worksheet, General section, No health insurance for the entire year and claiming no exemptions field or the Health Coverage worksheet or the Employer Provided Health Insurance Offer and Coverage worksheet to calculate a shared responsibility payment or claim an exemption. Please make any necessary entries and recalculate the return. (38548)
Form 1040. The filing status of married filing joint produced a tax liability that was lower than the estimated tax liability under the alternative filing status of married filing separate by $ 14,313. (31606)
Electronic Filing. The following form has been prepared but is not available for electronic filing: Partnership Basis Limitation Worksheet. Please review the form's printed instructions for proper filing. (37054)
Schedule A. Nondeductible miscellaneous deduction is $9 684. (31731)
Schedule C. Input for the questions regarding filing Form(s) 1099 were left blank. The default answer "No" has been checked for question I and question J has been left blank. To change these answers, make an entry on the Business worksheet, General section, Payments made during the tax year that would require you to file Form(s) 1099 and/or Filed, or will file required Form(s) 1099 fields. (37706)
Form 8582. A nonpassive activity with a prior year suspended passive loss has been entered. This loss has been applied against the activity's current net income, if any. Any unused carryover was then applied against other passive activities. (36505)
Schedule SE. Schedule SE has not been prepared for the spouse because self-employment income is less than $400.00. If Schedule SE is desired, select Mandatory Printing on the Return Options worksheet, Form Printing Options section, Schedule SE (self-employment tax) field. (31108)
EFTA00025627
[... Omitted repetitive OCR for brevity, will include key financial data in structured fields below ...]
SCOTT G. BORGERSON & GHISLAINE MAXWELL
2017 Return Summary
FEDERAL MASSACHUSETTS
ADJUSTED GROSS INCOME 484,192. 656,774.
ITEMIZED OR STANDARD DEDUCTION -301,121. 0.
EXEMPTIONS 0. -9,800.
TAXABLE INCOME 183,071. 646,974.
TAX 16,076. 39,583.
ALTERNATIVE MINIMUM TAX 53,235.
SELF-EMPLOYMENT TAX 22,914.
NET INVESTMENT INCOME TAX 7,813.
INCOME TAX WITHHELD 0. 0.
ESTIMATED TAX PAID -81,857. -22,294.
EXTENSION PAYMENT(S) -60,000. -15,000.
UNDERPAYMENT PENALTY 81. 140.
AMOUNT OVERPAID 41,819.
AMOUNT DUE 0. 2,429.
AMOUNT OF REFUND CREDITED TO NEXT YEAR 41,738. 0.
[...]
FinCEN Form 114
REPORT OF FOREIGN BANK AND FINANCIAL ACCOUNTS
GHISLAI20170001
MAXWELL GHISLAINE
Part II Information on financial account(s) owned separately
15 Maximum value of account during calendar year 282,451.
17 Name of financial institution: BARCLAYS
18 Account number: [Redacted]
20 City: LONDON 23 Country: UNITED KINGDOM
[...]
CATER ALLEN PRIVATE BANK
9 NELSON STREET BRADFORD BD1 5AN UNITED KINGDOM
Maximum value: 2,671,835.
WEALTH AT WORK LIMITED
5 TEMPLE SQUARE, LIVERPOOL L2 5RH UNITED KINGDOM
Maximum value: 675,676.
[...]
Form 1040 U.S. Individual Income Tax Return 2017
SCOTT G. BORGERSON
GHISLAINE MAXWELL
C/O DGC, 150 PRESIDENTIAL WAY 510 WOBURN, MA 01801
Filing Status: Married filing jointly
Exemptions: SON X
Total Income: 581,037
Adjusted Gross Income: 484,192
Total Tax: 100,038
Amount Overpaid: 41,819
[...]
Schedule C Profit or Loss From Business
GHISLAINE MAXWELL
ELLMAX, LLC 116 EAST 65TH STREET NEW YORK, NY 11021
Gross receipts: 0
Total expenses: 99,490
Net profit or (loss): -99,490
[...]
Schedule E
Partnerships: CARGOMETRICS TECHNOLOGIES LLC, ALPHAKEYS MILLENNIUM FUND, CARGOMETRICS COMPASS FUND LP, ATLAS ENHANCED FUND LP, TIDEWOOD LLC
Trusts: ANGARA TRUST
[...]
Form 8938 Statement of Specified Foreign Financial Assets
Foreign Deposit and Custodial Accounts Summary
Maximum Value of All Deposit Accounts: $3,680,740
[...]
Schedule B Statement 14
IMPUTED INTEREST - LOAN FROM TERRAMAR PROJECT 18,889.
[...]
Alimony Paid: REBECCA A. BORGERSON 66,000.
[...]
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