Attorney-at-Law

LOAN RANGER

In Uncategorized on 07/19/2016 at 23:22

That’s Jack R. Durland, Jr., 2016 T. C. Memo. 133, filed 7/19/16. Jack Jr., having looted the family trust and gotten disbarred in OK, turned to what my daughter the international tax expert calls “th’ awl bidniz.”

But the path to large payouts is strewn with obstacles like Federal income tax.  Jack Jr. reminisced to then-Mrs. Jack Jr. “about a case he handled where they never paid back the loans and the IRS never caught it.” 2016 T. C. Memo. 133, at p. 30. So Jack Jr. tries it on.

I’m sorry to reduce 102 (count ‘em, 102) pages of Ch J L. Paige (“Iron Fist”) Marvel’s lengthy exposition of Jack Jr.’s and partner’s phony loans to a few words, but it’s been a long day.

Jack Jr. took out a bunch of checks from various business by which he was employed, or in which he had equity, characterized these as “loans”, without contemporaneous promissory notes and on which no payments were ever made. And cashed the checks with a friendly check-cashing operation.

Jack Jr. goes down on Section 7201 filing false returns, via a plea bargain, with the usual “this doesn’t mean we can’t soak you civilly” language.

So he does get soaked. SOL doesn’t help with fraud. And Jack Jr. forgets the rule the abovequoted Texan has often cited: “Pigs git fed, hogs git et.”

Mrs. Jack Jr. wants innocent spousery, but her claims of abuse are unsubstantiated, and she was in on the skullduggery.

 

 

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