OT: Try this on your tax return (religous content)

You may have heard about the Mormon Church’s investment fund, Ensign Peak which is worth an estimated $175 billion dollars. Turns out they were a little creative when it came to filing tax returns:

The church also has misstated its assets on federal tax returns. On its 2007 return, Ensign Peak put down “1,000,000” for its total assets. The real number was about $38 billion, an Ensign Peak document shows…

…Todd Budge, another member of the presiding bishopric, said anyone familiar with the church would know its assets exceeded $1 million. “It wasn’t an accurate answer. It wasn’t meant to be an accurate answer,” said Budge, a 63-year-old former banking and private-equity executive. “It was simply meant to communicate that we do not feel that we’re obligated to fill in that box.”

Next tax season, trying filling in whatever numbers you want. Then just tell the IRA you don’t feel obligated by provide that information.

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I want separation of church and state.

I do not want to get the IRS into breaking that. Unless you want to live by Vatican law? Majority rule is a thing in the US. Minority rights are questionable right now. I do not want our legal system wasting even more time on that.

Now if I thought you were leveraging something I would get on board. Realistically you are not leveraging anything. You are making an offering. Even without churches paying taxes you are equating them to being involved beyond the separation of church and state. You want the opposite but are involving what you do not want.

I think 60 Minutes had a story on the Mormon secret hedge fund a few weeks ago. One of their financial analysts turned IRS whistleblower and sued them for tax fraud. It’s one of theose lawsuits where the whistlblower gets 10% of the money the IRS recovers.

Mormon blows whistle on church’s alleged “clandestine hedge fund” | 60 Minutes - CBS News

intercst

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The IRS probably wont chase this too far.

Even if a suit is brought it will get dropped. Legitimate churches do not pay taxes. Their workers do. That does not seem to be what this is about.

Non profits not only can invest in the markets but have a better position to profit in the market than your mutual fund because the fiduciary responsibility is different. If a gifted hedge fund manager or group does well over the decades the returns will be incredible as we are seeing.

It is totally legitimate and does not equate to any differences you or I might have with any church. Regardless of funding positions I do not like.

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I am sorry Leap, you would have to go back in time to a pre-Federalist Society dominated court to have separation between church and state. With this court the Christo-Nationalist church is the state.

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I am not a buyer. Part of what this court does is extremely good for the country. We need to send people to congress that care about the issues over tax cuts. We need people to care about the issues to make that happen. We can not waste the next fifty years passing tax cuts instead of laws we want. That society is a reaction to a court doing the work without us.

As far as the IRS, if that admin/IRS do not want to rid of us the separation of church and state they wont pursue it. Dropping it means the law wont favor taxing the church.

Taxing churches means organized opinions you do not want over issues that have nothing to do with the opinions. Because dumb opinions abound. I get you see them as organized now. That can get a lot worse. Remember my family comes from Ireland. You aint seen nothing yet.

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