STICK TO THE FACTS, CLINTON!

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Posted by William Bronchick on October 22, 2001 at 20:42:01:

In Reply to: Re: OK, I'll give you this round posted by Bill Gatten on October 22, 2001 at 20:11:23:

Being defensive, and NOT ANSWERING the direct question seems to be your modus operandi. You can take these Q's as a personal attack, act like a baby, rant and rave, call me names,

OR, you can answer the Q's so we don't think you are hiding something (Jim Pasquini already answered the Q's, and I emailed him a few more).

First (unlike you), I will respond directly to your points. I've been practicing law for 10 years.

Now, Mr. Clinton, stop dodging and answer the Qs:

1) Why does your PACTrust agreement state that NARS agrees to prepare legal docs, when in fact NARS is not a law firm. In California the practice of law by a non-attorney is a misdemeanor (Business and Professions Code section 6126 with a fine up to a $10,000). Pasquini emailed me a notation that your law firm's paralegal does it, but why does your agreement state otherwise?

2) If the PACTrust is an incomplete sale, why does the co-beneficiary agreement and lease state that the lease payment by the resident is his proportionate share of the PITI? In a regular lease, the rent is FAIR MARKET VALUE. I agree that the resident-cob has "benefits & burdens" of ownership (lives there, pays taxes & ins, shares in appreciation, etc), which would entitle him to a deduction.

Let me quote you a Tax Court Memorandum from last year (Musgrave, T.C. Memo. 2000-285):

"The question of when a sale is complete for tax
purposes is essentially one of fact which must be
resolved by an examination of all of the facts and
circumstances, no single one of which is controlling. The test is one of practicality. In examining the circumstances surrounding a conveyance of property to determine when it has occurred, the focus is directed to a consideration of when the “benefits and burdens” of ownership have shifted. And for purposes of real property, a sale is generally considered to have occurred at the earlier of the transfer of legal title or the practical assumption of the benefits and burdens."

The assignment of a 90% beneficial interest along with the right of possession, power of direction and obligation to pay taxes and ins and maintenance clearly passes the equitable ownership (or at least 90% of it) to the buyer.

Please Bill, I am BEGGING you or your attorneys to cite me a case, code or regulation that permits the seller to claim ownership to a portion of property that was already transferred.

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