Posted on 09/23/2013 2:46:50 AM PDT by TexGrill
At his press conference Wednesday outside Cory Booker's old law firm, Steve Lonegan charged that the Newark mayor violated the law by accepting payments from the firm while it has contracts with subdivisions of city government.
For his part, Booker has always insisted that he terminated his relationship with his old firm when he became mayor and that therefore there is no conflict of interest. An excerpt from David Giambusso's article:
The Booker campaign recently shared the Newark mayor's tax returns with reporters and it was revealed that Booker made $688,500 from the firm while he was mayor. Meanwhile, the firm earned more than $2 million in contracts with the Newark Watershed and the Newark Housing Authority. The Booker campaign said the $688,500 was an equity payment and was unaffected by the firm's business, but on the mayor's returns a box detailing the income was checked off, saying Booker "materially participated in the operation of this business."
The Booker campaign said that was a clerical error and would be revised but have refused requests from The Star-Ledger to turn over Booker's separation agreement.
(Excerpt) Read more at blog.nj.com ...
...see how far it would get YOU with the IRS..
A homosexual democrat committed to fraud? That will get him a free pass with the IRS.
Well in most states he is breaking the law, but in Jersey he will likely get a commendation for honesty or at least a seat on the NJ Supreme court. .
Odungo’s IRS
Changes the forms and the entire tax consequences of his income.
Not a minor mistake. Either he had control of the business decisions or he did not.
This has never been accepted by the IRS to be a clerical mistake. His tax returns are done by CPA’s and he is required to sign them, certifying to their truthfulness.
Like Obama's BC, they need time to gin one up.
“see how far it would get YOU with the IRS”
Actually, it would go pretty far. If you invest 100,000 to start a business and it makes 25k a year, you must report 25k in income. But the business may take out a loan of 100,000 from a bank.
Then if the company writes you a check for 125k 100k is “return of capital” and only 25k is income.
If you buy a NYSE utility stock, you will often get a 5% dividend where 4% is taxable income and 1% is return of capital and not taxable.
HAVING SAID THAT, 688,000 IS SUSPICIOUSLY CLOSE TO 33 PERCENT OF 2 MILLION THAT THE FIRM GOT FROM THE CITY.
It is in fact 34.4 percent which is suspiciously close to 33% that a rain maker might get.
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