I have included this article in order
to provide an accurate breakdown of a gifting circle scam. The reason
that gifting circles are illegal is not because gifting is illegal,
but because gifting with the intention of receiving money in the
future is not a true definition of gifting. It is illegal to give with
the intent to receive because that is a racket, not a true gift. In
the examples below notice how often the author of this group insists
that this is a legal venture, which it technically is not.
Here is the way a circle is broken down:
This is a Mission Statement
for a real gifting circle:
The Men’s Circle of the Four Seasons
(Guidelines)
Welcome! And congratulations on taking part in an opportunity and
journey with some very special friends. These friends are very
discreet and although no regular meetings are conducted, staying in
touch with each other is a vital part of the friendship.
Introduction:
Many friends come and go and some stay around to see others through
the joys and sorrows that life often brings. These friends have bonded
together in an effort to bring what is so needed in our society today,
true friendship with the possibility of enriching your life
monetarily.
Sharing
A friend from the circle can invite special friends to join.
The special friend must send a signed Gifting Tax Form with the gift.
The gift must be given in money order (unless otherwise specified by
‘Summer’.
Special friend will keep a copy of the money order and Gifting Tax
Form for personal records.
An acceptance letter must be signed by ‘Summer’ and returned to ‘Fall’
for their personal records.
Send gift through FedEx to obtain a tracking number.
Special friend will be added to Four Seasons, at level ‘Fall’ upon
receipt of the gift by ‘Summer’.
‘Summer’ will retain gift for seven (7) days; after that time frame
‘Summer’ can cash the gift. If the special friend decides they do no
want to participate with Four Seasons, notice must be given to
‘Summer’ within (7) days at which time the money order will be
returned to them.
Four Seasons – Guidelines
Fall
This level is for the Special friend joining Four Seasons.
Stay in touch throughout the week with other friends of Four Seasons.
Send an email to all the friends on the ring and tell them who you are
and the reason you accepted to be a part of Four Seasons.
Winter
Look for new friends to share in Four Seasons.
Stay in touch throughout the week with other friends of Four Seasons.
Send an email to all the friends of Four Seasons and to encourage and
inspire.
Can move to ‘Spring’ when you have invited a special friend to Four
Seasons and they have accepted. If having trouble finding your man,
all others with Four Seasons will share and help you.
Spring
1. Look for new friends to share in Four Seasons.
2. Stay in touch throughout the week with other friends of Four
Seasons.
3. Send an email to all the friends of Four Seasons and to encourage
and inspire.
Summer
1. Stay in touch throughout the week with other friends of Four
Seasons.
2. Send an email to all the friends of Four Seasons and to encourage
and inspire.
3. Keep Four Seasons data updated as each new ‘Fall’ shares. This
update is in the format of and email (for those who have email) and
regular postal mailing for those who do not have email.
4. It is ‘Summer’ that is responsible for setting up the conference
call.
5. Place the ‘Falls’ on Four Seasons as they have been invited and
accept to join in. Do not try to move friends around unless a friend
has decided to have their gift returned to them within the seven (7)
days time frame. It may be necessary at that time to change levels or
sides of Four Seasons to keep Four Seasons moving.
6. Obtain a conference call number, time and date. Make sure everyone
is aware of the number, date and time of the weekly conference call.
7. Keep the peace! If a friend is causing a disturbance to Four
Seasons, they will be asked to contact ‘Summer’ and discuss the
disturbance, in an effort, to resolve.
8. Send the Tax laws and form to all ‘Falls’ that wish to join Four
Seasons.
9. ‘Summer’ must be invited back to Four Seasons upon being fully
gifted. There is no automatic return.
Is this a legal endeavor, YES, it operates within the government tax
laws of Title 26 of the United States Tax Code, Sections 2501, 2502,
2504 and 2411 which states you are allowed to receive or give up to
$11,000 from any number of people per year without incurring tax
liability. Law does not require you to declare the money received or
given as a gift on your tax return until an individual gift exceeds
$11,000.
These guidelines were adopted from the women’s circle of Holiday
Dreams, with gratitude to those who created them.
You are asked to give money with a note like this:
Enclose with Blessing or fax to the Blessing recipient.
Blessing Statement
I fully give this Blessing as a gift to you,
__________________________ _________________________________ in the
amount of________________ of my own free will and choice, without
coercion of any kind. All applicable taxes have been paid on this
currency.
Printed Name__________________________________
_________________________________ ____________________________
Signature Date
Sec. 2503. - Taxable gifts
(a) General definition
The term ''taxable gifts'' means the total amount of gifts made during
the calendar year, less the deductions provided in subchapter C
(section 2522 and following).
(b) Exclusions from gifts
(1) In general
In the case of gifts (other than gifts of future interests in
property) made to any person by the donor during the calendar year,
the first $10,000 of such gifts to such person shall not, for purposes
of subsection (a), be included in the total amount of gifts made
during such year. Where there has been a transfer to any person of a
present interest in property, the possibility that such interest may
be diminished by the exercise of a power shall be disregarded in
applying this subsection, if no part of such interest will at any time
pass to any other person.
(2) Inflation adjustment
In the case of gifts made in a calendar year after 1998, the $10,000
amount contained in paragraph (1) shall be increased by an amount
equal to -
(A)
$10,000, multiplied by
(B)
the cost-of-living adjustment determined under section 1(f)(3) for
such calendar year by substituting ''calendar year 1997'' for
''calendar year 1992'' in subparagraph (B) thereof.
If any amount as adjusted under the preceding sentence is not a
multiple of $1,000, such amount shall be rounded to the next lowest
multiple of $1,000.
(c) Transfer for the benefit of minor
No part of a gift to an individual who has not attained the age of 21
years on the date of such transfer shall be considered a gift of a
future interest in property for purposes of subsection (b) if the
property and the income therefrom -
(1)
may be expended by, or for the benefit of, the donee before his
attaining the age of 21 years, and
(2)
will to the extent not so expended -
(A)
pass to the donee on his attaining the age of 21 years, and
(B)
in the event the donee dies before attaining the age of 21 years, be
payable to the estate of the donee or as he may appoint under a
general power of appointment as defined in section 2514(c).
(d)
Repealed. Pub. L. 97-34, title III, Sec. 311(h)(5), Aug. 13, 1981, 95
Stat. 282)
(e) Exclusion for certain transfers for educational expenses or
medical expenses
(1) In general
(2) Inflation adjustment
In the case of gifts made in a calendar year after 1998, the $10,000
amount contained in paragraph (1) shall be increased by an amount
equal to -
(A)
$10,000, multiplied by
(B)
the cost-of-living adjustment determined under section 1(f)(3) for
such calendar year by substituting ''calendar year 1997'' for
''calendar year 1992'' in subparagraph (B) thereof.
If any amount as adjusted under the preceding sentence is not a
multiple of $1,000, such amount shall be rounded to the next lowest
multiple of $1,000.
(c) Transfer for the benefit of minor
No part of a gift to an individual who has not attained the age of 21
years on the date of such transfer shall be considered a gift of a
future interest in property for purposes of subsection (b) if the
property and the income therefrom -
(1)
may be expended by, or for the benefit of, the donee before his
attaining the age of 21 years, and
(2)
will to the extent not so expended -
(A)
pass to the donee on his attaining the age of 21 years, and
(B)
in the event the donee dies before attaining the age of 21 years, be
payable to the estate of the donee or as he may appoint under a
general power of appointment as defined in section 2514(c).
(d)
Repealed. Pub. L. 97-34, title III, Sec. 311(h)(5), Aug. 13, 1981, 95
Stat. 282)
(e) Exclusion for certain transfers for educational expenses or
medical expenses
(1) In general
Any qualified transfer shall not be treated as a transfer of property
by gift for purposes of this chapter.
(2) Qualified transfer
For purposes of this subsection, the term ''qualified transfer'' means
any amount paid on behalf of an individual -
(A)
as tuition to an educational organization described in section
170(b)(1)(A)(ii) for the education or training of such individual, or
(B)
to any person who provides medical care (as defined in section 213(d))
with respect to such individual as payment for such medical care.
(f) Waiver of certain pension rights
If any individual waives, before the death of a participant, any
survivor benefit, or right to such benefit, under section 401(a)(11)
or 417, such waiver shall not be treated as a transfer of property by
gift for purposes of this chapter.
(g) Treatment of certain loans of artworks
(1) In general
For purposes of this subtitle, any loan of a qualified work of art
shall not be treated as a transfer (and the value of such qualified
work of art shall be determined as if such loan had not been made) if
-
(A)
such loan is to an organization described in section 501(c)(3) and
exempt from tax under section 501(c) (other than a private
foundation), and
(B)
the use of such work by such organization is related to the purpose or
function constituting the basis for its exemption under section 501.
(2) Definitions
For purposes of this section -
(A) Qualified work of art
The term ''qualified work of art'' means any archaeological, historic,
or creative tangible personal property.
(B) Private foundation
The term ''private foundation'' has the meaning given such term by
section 509, except that such term shall not include any private
operating foundation (as defined in section 4942(j)(3))
Just because you have included Tax law, does not mean that it is a
legal opportunity. We give gifting circles 3 skulls. You can loose
thousands of dollars:
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