Revealing Watchtower tax returns

by Nambo 33 Replies latest watchtower scandals

  • Finkelstein
    Finkelstein

    What should be openly acknowledge is that the WTS will look the other way blindly, when it comes to how these investments are made or received, even if they are distinctly separate in a private trust fund.

  • Beth Sarim
    Beth Sarim
    Make them reveal their tax returns. Keep them honest.
  • Finkelstein
    Finkelstein

    Does a registered non profit religious institution have to file a tax return ?

    I thought because of its legal identity status they didn't have to ???

  • Freesoul
    Freesoul

    JeffT

    So the watchtower accepts this money from another person and then can distribute that money within the same financial year to whoever the watchtower wants for the last 15years and doesn't have control of the investments?That doesn't make sense.

  • adjusted knowledge
    adjusted knowledge

    Freesoul

    JeffT

    So the watchtower accepts this money from another person and then can distribute that money within the same financial year to whoever the watchtower wants for the last 15years and doesn't have control of the investments?That doesn't make sense.

    Jeff is speaking as an experienced expert and an actual practitioner. Here is a topic where someone with actual credentials yet he is being dismissed.

    If the WT receives a distribution from a trust fund they can use that distribution as they see fit. The control of investment within the trust fund is controlled by the trustee and the WT are the beneficiaries. What part of that doesn't make sense?

  • paul from cleveland
    paul from cleveland
    By continuing to accept profits from this arrangement they are giving these investments their tacit approval. I don't buy the 'they have no control over it' argument. They could easily say something like: "Dear Sister O'Rielly, we so appreciate that you'd like to donate your fortune to Jehovah's organization however this arrangement is unacceptable. If you'd be willing to liquidate these assets and donate the funds we'd gladly accept. We need to avoid even the appearance of impropriety."
  • JeffT
    JeffT

    Sister O'Reilly is probably dead. One of the main reasons for setting up a trust like this is to avoid inheritance taxes. Older rich people set them up to make sure their money ends up with somebody they want to have it.

    Some basics about trusts. A trust is its own legal entity, it has its own tax ID number and its own registrations with state and local agencies. There are three main people (or other legal entities) involved in it.

    The Grantor (in this case Mrs. O'Reilly) has her lawyer write up the appropriate legal paperwork to establish the separate legal entity. Those documents designate a trustee to manage the affairs of the trust. That person cannot be the Grantor or the Beneficiary. The Beneficiary receives the income generated by the assets in the trust. All legal power to manage the affairs of the trust reside with the Trustee, the Beneficiary can't tell the Trustee to do. (Neither can the Grantor after the trust is set up and funded). There are sound legal and ethical reasons to do this. If your son is an addict you might write trust documents that tell the Trustee to make sure he has a place to live and food, but not to give him cash because he'll buy drugs with it.

    The trustee has a legal duty to do what the trust documents tell him to do. I know the WTBS has a brochure about leaving your money to them, I'd love to see a copy of it if anybody (Blondie?) can tell me where to find it. I suspect that they have this all pretty well spelled out in their "suggestions."

    In this case the trust documents probably tell the Trustee to do the best he can to maximize profits, and therefore income to the Beneficiary (the WTBS). Including details about how to invest money might well create a legal conflict for the Trustee, and would have been avoided by whoever wrote the trust documents. Assuming he knew what he was doing.

  • Freesoul
    Freesoul

    Adjusted Knowledge

    How have I dismissed someone with credentials?

    I do not understand how an organisation can distribute the profits from this investments in the same year as the Tax return is lodge, but then says it has no control. Then say it can't do anything about where this money is invested.

  • DATA-DOG
    DATA-DOG

    Freesoul,

    You must feel like you are taking crazy-pills. Don't worry, you are fine. You sense the "wrongness" of the WTBTS's actions.

    They are hypocrites, and no amount of legalities make them moral or ethical examples. They claim to be THE ONE TRUE RELIGION. They should rely on their God to provide, thereby proving their claim, yet they do not. Instead, they take dirty money and spend it, all the while acting like they are naive country bumpkins on their first trip to the big city.

    If they truly had any real faith, they would take HUGE financial losses, just as they command thier sheeple to do. I guess they don't really believe that Jeehoober will really act on their behalf, unless they believe Jeehoobidoob gives them blood-money.

    Maybe they have realized that he is a no-show??

    DD

  • Freesoul
    Freesoul
    Thanks Data-Dog

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