Realtors and Financial Advisors needed: Watchtower Real Estate deals

by Hecce 15 Replies latest watchtower scandals

  • scratchme1010

    The IRS is curios (I think). They are a little slow and therefore tend to catch people evading taxes when offguard. However, maybe the WT does pay their due taxes.

    What I see more relevant is that this may be the reason why they allow JWs to slack a lot more than before and they are more relaxed. Their main source of income is real estate not getting people to work for them house to house for free.

  • Hecce

    I don't have the know how to fully analyze the transactions, for what I can see the amounts of $$$$$ related to sales are staggering.

  • lookout

    BK_7530077801119 - Mount Calvary Baptist Church, 382 Rockaway Ave, Brooklyn; donated by Nettie Speaker and others, 12/27/74. Church still owns it.

    FT_4810002852681 - D.A.R. Realty Co. transferred ownership of property to themselves (42%) and Judea United Baptist Church, Inc. (58%). No address given, but it's in the 3rd Ward of Queens at 46th Ave and 211th St. $0 in transfer tax paid.

    FT_3980004937498 - Release of a Federal IRS Lien against Baptist Church of the Redeemer Flatbush Corp., 1921 Courtelyou Rd, Brooklyn. "The image of this document was removed from the public view because it contains private information. A copy can be obtained by going to any City Register Office."

    I read through several others. Bottom line is that it seems very rare that a church would sell property, period. So, just because the JWs have been selling their property for millions, doesn't mean there is anything shady going on. I'm sure the other churches' properties are also worth millions.

    And there's nothing for the IRS to do. Whenever the JW corporation files their taxes, these properties aren't listed as assets. And when they are sold, they aren't listed as income. If it were you or me, then these would be reflected as a 'Captial Gains' schedule (D?), and we would pay on the sale price less the purchase price, less any depreciation over these 30+ years. And, on top of that, the IRS has a provision that if you use that money to buy other property, you don't even get hit with those capital gains. They get rolled into the new property.

    Anyway, I'm off track here. Find me another church who sold their property, and I'll see if there's a public deed we can look up.

  • UnshackleTheChains

    Is there a complete list somewhere of all of Watchtowers shares and investments somewhere? It would be good to get an insight on this.

  • Hecce

    The standards for the WT have changed, for some of us we are looking at the WT as just another religion and applying the same norms of a society where "so what" and "what a difference does it make" are the common rule. That is not the way that the majority used to view the WT when they pretended to be THE TRUTH.

  • Doubting Bro
    Doubting Bro

    The IRS couldn't keep the tax exemption away from the Church of Scientology and after that loss, I don't think they want any parts of wacky religions. In the US, freedom of religion is equated with freedom from taxes and its so ingrained in the culture, I don't see it changing anytime soon.

Share this