Zero declared an inheritance of shares on a tax return which a copy of was posted on some White-House website. There’s no indication who that inheritance came from. That is was from Madelyn Dunham is an assumption. It’s simply a delaration of income.
Hello Fred- Even if its proven false of the inherited 1/2 million in funds, why would madelyn raise someone else’s child from age 10? its sure seems like she really knew him as a blood relative..
“Zero declared an inheritance of shares on a tax return which a copy of was posted on some White-House website. There’s no indication who that inheritance came from. That is was from Madelyn Dunham is an assumption. It’s simply a delaration of income.”
The above statement is false.
As a retired CPA, I can assure you that the inheritance was from Madelyn Dunham. If you go to the Bank of Hawaii stock price history and put in the date of Madelyn’s death, 11/02/08, you will get the same “cost or other basis” value in column (e) of Long-Term Capital Gains and Losses section of Schedule D for the number of shares Barry says he inherited in 2009. The cost basis of inherited shares is the value at the date of death.
http://www.whitehouse.gov/sites/default/files/president-obama-2010-complete-return.pdf
In other words, the exact value of the cost “basis” of the Bank of Hawaii shares Barry sold in January 2009 matches an inheritance of those shares from a death on 11/02/08.
Now it just might be that a different person died on the same day as Madelyn and left Barry $500,000 in Bank of Hawaii shares, but I doubt it!