TRACY L. SUNDERLAGE; LINDA
IN THE UNITED STATES DISTRICT COURT FOR THE
NORTHERN DISTRICT OF ILLINOIS
UNITED STATES OF AMERICA, )
)
Plaintiff, )
)
v. )
)
TRACY L. SUNDERLAGE; LINDA ) Civil No. 11-cv-4713
SUNDERLAGE; SUNDERLAGE RESOURCE )
GROUP INTERNATIONAL, LTD. a/k/a SRG )
INTERNATIONAL LTD.; SRG )
INTERNATIONAL U.S. LLC; MAVEN U.S. )
LLC d/b/a MAVEN LLC; and RANDALL )
ADMINISTRATION LLC, )
)
Defendants. )
COMPLAINT FOR PERMANENT INJUNCTION AND OTHER RELIEF
Plaintiff United States of America, for its complaint against defendants Tracy L.
Sunderlage, Linda Sunderlage, Sunderlage Resource Group International, Ltd., also known as
SRG International Ltd., SRG International U.S. LLC, Maven U.S. LLC, and Randall
Administration LLC (collectively, “Defendants”), states as follows:
NATURE OF ACTION
1. Defendants organize, operate, and promote a scheme that claims to enable participating
owners of small, closely-held companies (“Owners”) to ible contributions to
purported “welfare benefit plans” for the ostensible purpose of providing employee benefits like
life insurance and health insurance. But in fact the bulk of the money is routed into various
investments that are held solely for the Owners’ future use (“the Employee Benefit Scheme”).
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The Restricted Property Trust is technically classified as a Welfare Benefit Plan. Welfare Benefit Plans are definitely nothing new. They actually date back to 1928, and come in many different names and forms.
ReplyDeleteThere are currently 34 US States that use some form of a Welfare Benefit Plan for their State employees. What most people don’t know is that, ALL Welfare Benefit Plans must be related and/or associated to an actual welfare situation, such as death, disability, or disease.
Now the bad news is that, The Restrictive Property Trust is just a new-model 419-SCAM. The problem is that it’s a SCAM and nothing more.
In conjunction with Section 83, The Restrictive Property Trust makes the insurance tax-deductible going-in and tax-free coming-out, of course with some minor modifications.
Of course there is no such thing as a The Restrictive Property Trust in the Internal Revenue Code. The plan promoter claims a patent, etc., but in reality, tax-strategy patents were completely out-lawed sometime in 2011. Is his patent from the 90’s?
The downside of The Restrictive Property Trust is that the IRS requires a substantial risk of forfeiture because of no reason other than the fact that it is just another scam.
If you want to lose your money, put it in The Restrictive Property Trust. Shortly after the participants get audited they usually sue the salesman and insurance company. The promoters claim that they have a legal opinion. The IRS does not care and disallows the deduction.
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ReplyDeleteIn 2004, Congress enacted Section 6707A of the Internal Revenue Code authorizing the imposition of penalties for failure to provide the IRS information with respect to "reportable transactions."1 The penalties apply not only to taxpayers, but also material advisors (i.e., those that assist taxpayers such as attorneys, accountants, etc.). Penalty amounts for noncompliance can be severe – up to $200,000 as well as criminal prosecution.
ReplyDeleteIn late 2016, the IRS published Notice 2016-66 (Notice), which identified certain micro-captive transactions as "transactions of interest," a type of reportable transactions. Stated simply, micro-captive transactions are a form of self-insurance through a related (or "captive") party. In the Notice, the IRS explained that such transactions have a potential for tax avoidance or evasion. Characterizing micro-captive transactions as transactions of interest triggered the reporting requirement for taxpayers and their material advisors under Section 6707A.
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