Bloomberg News (which obtained tax filings via a Freedom of Information Act request) yesterday reported that the presidential candidate has benefited from a now-defunct tax loophole that takes advantage of the LDS Church’s tax exempt status.
In 1996, Romney established a Charitable Remainder Unitrust (CRUT). Under a legal provision terminated in 1997, the CRUT allowed Romney to reduce his tax exposure by directing some of his assets to be held in a trust designated as the property of a tax-exempt entity—in this case, the Church of Jesus Christ of Latter-day Saints.
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