Slim Ventures v. USA

CourtDistrict Court, D. Utah
DecidedJanuary 9, 2023
Docket2:22-cv-00348
StatusUnknown

This text of Slim Ventures v. USA (Slim Ventures v. USA) is published on Counsel Stack Legal Research, covering District Court, D. Utah primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Slim Ventures v. USA, (D. Utah 2023).

Opinion

THE UNITED STATES DISTRICT COURT DISTRICT OF UTAH

DAVID MICHAEL BISHOP and SLIM MEMORANDUM DECISION AND VENTURES, LLC, ORDER GRANTING RESPONDENTS’ MOTION TO (1) SUMMARILY DENY Petitioners, PETITIONS TO QUASH IRS SUMMONSES AND (2) ENFORCE THE v. SUMMONSES AND DENYING PETITIONERS’ MOTIONS TO QUASH UNITED STATES, INTERNAL REVENUE SERVICE, and TIMOTHY BAUER, Internal Case No. 2:22-cv-00340-DBB-DBP Revenue Agent (ID #0324589), in his Official Case No. 2:22-cv-00341-DBB-DBP Capacity, Case No. 2:22-cv-00344-DBB-DBP Case No. 2:22-cv-00345-DBB-DBP Respondents. Case No. 2:22-cv-00347-DBB-DBP Case No. 2:22-cv-00348-DBB-DBP Case No. 2:22-cv-00351-DBB-DBP Case No. 2:22-cv-00352-DBB-DBP

District Judge David Barlow

There are two matters before the court. Petitioners David Michael Bishop (“Mr. Bishop”) and Slim Ventures, LLC (“Slim Ventures”) (collectively “Petitioners”) have filed eight Petitions to Quash IRS Third Party Summons regarding four different financial institutions.1 Also before the court is Respondents United States, Internal Revenue Service (“IRS”), and Agent Timothy Bauer’s (“Agent Bauer”) (collectively “Respondents”) Motion to (1) Consolidate and Summarily

1 Pet. to Quash Summons (“Pet. to Quash”), ECF No. 2, filed May 20, 2022, Bishop v. United States, No. 2:22-cv- 00340 (D. Utah 2022). In seven related cases, Petitioners filed nearly identical motions to quash IRS summonses in the District of Utah: Slim Ventures v. United States, No. 2:22-cv-00341; Bishop v. United States, No. 2:22-cv-00344; Slim Ventures v. United States, No. 2:22-cv-00345; Bishop v. United States, No. 2:22-cv-00347; Slim Ventures v. United States, No. 2:22-cv-00348; Slim Ventures v. United States, No. 2:22-cv-00351; and Bishop v. United States, No. 2:22-cv-00352. As a result, the court references the petition to quash filed by Mr. Bishop regarding Zions Bancorporation NA in this Memorandum Decision & Order. Deny Petitions to Quash IRS Summonses and (2) Enforce the Summonses.2 Having considered

the briefing and relevant law, the court finds that oral argument is unnecessary.3 For the following reasons, the court grants Respondents’ motion and denies the eight petitions. BACKGROUND Mr. Bishop is the managing director of Slim Ventures,4 which describes itself as a “dealer in capital assets” that promotes Monetized Installment Sale (“MIS”) transactions.5 A typical installment sale transaction occurs when a seller conveys property to a buyer and transfers the associated title before receiving payment.6 For example, if title transfer takes place in December but the buyer pays the seller in January, the tax code allows the seller to defer capital gains tax until the next calendar year.7

A MIS transaction is different. This type of transaction occurs when a party simultaneously sells an appreciated asset8 and receives payment while deferring capital gains tax for an extended period of time.9 As advertised by Slim Ventures, “[a]n owner of highly appreciated assets can sell them and defer 100% of the capital gains tax for up to 30 years while receiving up to 95% of the value in cash.”10 Slim Ventures describes the process as follows: (1)

2 Mot. to (1) Consolidate & Summarily Deny Pets. to Quash IRS Summonses & (2) Enforce Summonses (“Mot. to Deny & Enforce”), ECF No. 13, filed Aug. 26, 2022. On December 22, 2022, the court transferred sua sponte the four related cases to the undersigned. ECF No. 27. Accordingly, Respondents’ request for consolidation is moot and the court terminates the portion of Respondents’ motion seeking consolidation. 3 See DUCivR 7-1(g). 4 Decl. of David Michael Bishop (“Bishop Decl.”) ¶ 4, ECF No. 2-3, filed May 20, 2022; Decl. of Revenue Agent Tim Bauer (“Bauer Decl.”) ¶ 5, ECF No. 13-1, filed Aug. 26, 2022. 5 Exec. Summ. Monetized Installment Sale Transactions (“Exec. Summ.”) 1, 4, Ex. 1, ECF No. 13-1, filed Aug. 26, 2022. 6 26 U.S.C. § 453(b)(1). 7 Id. § 453(c). 8 Slim Ventures describes “appreciated assets” as including “real estate, mineral rights, water rights, privately held stock, partnership interests, etc.” Exec. Summ. 1. 9 See id. 10 Id. Slim Ventures offers to buy the seller’s assets in exchange for an installment note; (2) the seller is offered a “limited-recourse ‘monetization loan’ from a third-party lender introduced by Slim Ventures”; (3) Slim Ventures resells the asset to the buyer, and the closing on the MIS transaction and the resale closing happens simultaneously; (4) assuming that the seller accepted the loan, the seller would receive the proceeds immediately after closing on the asset’s sale.11 Slim Ventures explains that the strategy allows investors to “re-invest at 95% on a tax deferred basis instead of at 75% by paying the tax” so that investors can “pay with future (inflation eroded) dollars.”12 The IRS considers MIS transactions as an example of an “abusive tax scheme[].”13 Around 2021, the IRS identified Slim Ventures and its manager Mr. Bishop as promoters of MIS transactions.14 Consequently, the IRS began an investigation into Mr. Bishop for possible

violations of 26 U.S.C. § 6700 for promoting illegal tax schemes and violations of a permanent injunction.15 As part of the investigation, the IRS sent Mr. Bishop information and document requests.16 The IRS avers that he cooperated to some extent, but claims that he did not produce “accounting records, bank statements, [or a] client list.”17 After an interview and further investigation, Agent Bauer found four financial institutions purportedly connected to Slim

11 Id. 12 Id. at 6. 13 See Bauer Decl. ¶ 4. 14 Id. ¶ 2. 15 Id. ¶ 6; Final J. of Permanent Inj., ECF No. 6, filed Dec. 5, 2003, United States v. Bishop, No. 2:03-cv-01017 (D. Utah, filed Nov 20, 2003). The injunction ordered Mr. Bishop to stop engaging in any activity that would subject him to penalty under § 6700. 16 Bauer Decl. ¶ 8. 17 Id. ¶ 9; Bishop Decl. ¶ 15. Ventures and Mr. Bishop: Key Bank, Summit Crest Financial, LLC (“Summit Crest”), Wells Fargo Bank, N.A. (“Wells Fargo”), and Zions Bancorporation NA (“Zions Bank”). On May 7, 2022, the IRS issued eight summons to the four financial institutions under the authority of 26 U.S.C. § 7602(a).18 Each summons directed the specified bank to produce records relevant to Mr. Bishop’s or Slim Venture’s income.19 The IRS notified Petitioners of the summonses by certified mail.20 Key Bank and Zions Bank responded on May 6 and May 31, respectively.21 Summit Crest and Wells Fargo have not responded.22 And the IRS has not referred the cases for grand jury investigation or criminal prosecution.23 On May 20 and May 23, 2022, Petitioners filed timely petitions to quash the IRS third- party summonses.24 All eight petitions are virtually identical.25 On August 26, 2022,

Respondents filed a motion to consolidate and summarily deny the petitions, and a motion to enforce the summonses against Summit Crest and Wells Fargo.26 Petitioners filed a response on September 28, 2022.27 Respondents replied on October 24, 2022.28

18 E.g., Summons, ECF No. 2-6, filed May 20, 2022. The summons in the seven other cases are identical except for the bank information and the name of the IRS’ target (Mr. Bishop or Slim Ventures). 19 Bauer Decl. ¶ 20. 20 Id. ¶ 19. 21 Id. ¶¶ 23, 24. 22 Id. ¶ 25. While Petitioners claim that Summit Crest has indicated that it has “no information responsive to the two IRS summons served upon it[,]” Pets. Resp. to IRS Mot. (“Resp.”) 3 n.2, ECF No. 16, filed Sept.

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