Posted on 04/25/2019 1:59:05 AM PDT by Libloather
I don’t know. I’m a parent, a guy says, I can get your son into Harvard, but it will cost you $500,000 donation to the Harvard Foundation, that will go thru me.
I say, “will my son get in?”
He says, “Yes. You’ll need to be sure, however, to tell the IRS that this is a charitable donation, which it is, and not to get your son into Harvard.”
I say, “Sounds fine to me. What if I’m audited?”
“I will concur that this was for a charitable donation to the college.”
The above is perfectly legal. HOWEVER....
IF THEY HAVE A RECORDING THAT SAYS THE OPPOSITE, THEN, I AGREE, THEY’RE TAKING A BIG RISK HERE FIGHTING.
As I see it, they have no choice. They could string this out for years.
In the end, there will be a huge fine, probation etc. No jail time, no admission of guilt.
In a year or two it’s business as usual.
I don’t know how it will play out, but the tax issue is the real problem. I was surprised buying entrance to college was illegal, because it seems fairly common.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.