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Ministers took a vow of poverty, renounced all worldly possessions and transferred title to all their assets to a Church trust.
FORBES: IRS Gives Tax Sermons Vow of Silence
Instead of investing the money, the Debtor took the money and bought an elegant new house in Northridge, and then transferred title to a trust.
FORBES: Fraudulent Transfer Leads To Punitive Damages Award In California
There's a tax cost, though: If title is transferred, the leasing firm no longer has depreciation with which to shelter income from tax.
FORBES: Guilt by Association
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