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View Diary: Mitt Romney says he knows nothing about his offshore investments (155 comments)

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  •  Doesn't he sign his tax returns and FBARs? n/t (7+ / 0-)

    "Well, I'm sure I'd feel much worse if I weren't under such heavy sedation..."--David St. Hubbins

    by Old Left Good Left on Mon Jul 09, 2012 at 03:12:09 PM PDT

    •  The trustee should. (1+ / 0-)
      Recommended by:
      VClib

      Beneficiaries have to sign, too, but you have to wonder if there's some exception for certain classes of bennies.  IIRC - and it's been a few years since I really parsed the FBAR rules - it doesn't apply unless there's a vested interest, but one would think there'd be some exception for other sorts of trusts.  

      •  An individual has to sign their own FBAR (1+ / 0-)
        Recommended by:
        johnny wurster

        And a trustee can sign for a trust.

        There are lookthrough rules for FBAR filing, so it is not uncommon that both an individual and an entity (or multiple entities) have to report the same account.  However, there are no attribution rules.  So the accounts of a trust, for example, that is 50% owned by a husband and wife, do not have to be reported by them because the reporting threshold is more than 50%.

        "Well, I'm sure I'd feel much worse if I weren't under such heavy sedation..."--David St. Hubbins

        by Old Left Good Left on Mon Jul 09, 2012 at 05:37:23 PM PDT

        [ Parent ]

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