Posted on 02/23/2009 1:57:28 PM PST by Free ThinkerNY
For years, the press excoriated Nancy Reagan for borrowing clothes and jewelry from designers. Yet Michelle Obama has been doing the same thing — without any outcry from the media.
Accountants say that the first lady’s practice of borrowing both clothes and jewelry raises major tax and disclosure issues, not to mention ethical questions.
“The transactions are clearly taxable,” says Richard Rampell, a Palm Beach, Fla., accountant whose clients include several of the island’s billionaires. “The designers are indirectly paying Michelle Obama to go and display their wares. And they get a huge economic value for it, just as if they were paying a model to do this. If they are paying her in this indirect way by lending her their clothes, then she is actually performing a service for the designer, and she should have to recognize as income whatever the value is of the clothes that she got.”
Aside from the tax implications, Obama is obligated to report the value of the clothes she has received free of charge on government forms mandated by the Ethics in Government Act.
The items Obama has either borrowed or received free have included a $17,313 pair of Loree Rodkin diamond earrings and clothes and gowns worth $1,000 to $6,000. In some cases, Michelle Obama’s representatives have said she will donate the items to the Smithsonian.
That makes no difference, Rampell says.
“If somebody gives her a dress and it’s worth $6,000, and she’s not expected to return it, then she has $6,000 worth of income, or she’s received a $6,000 gift,” he says.
(Excerpt) Read more at newsmax.com ...
And for the same thing, Palin was skewered.
Reading the headline reminded me of Nancy Reagan. They mentioned Nancy in the first sentence. No one in the MSM will speak a word about Michelle the Hateful taking freebies.
No, Palin wasn’t committing tax fraud.
Its OK when liberals do it. Duh.
You just don’t own the pen, that’s the problem. “They” do.
Just the Richardson scandal would be roiling the headlines for weeks...but they sure do love Sean Penn winning Best Actor for “Milk”. Oh, and they love to leave out he was a good friend of Jim Jones...oh, so was Feinstein, Brown, Willie Brown, Moscone, etc.
Shhh...the Lib media own the microphone and you are just a racist, homophobic hater.
Who expects Mrs Jesus Christ to be treated like a mere mortal?
Asking these questions is racist.
You're not a racist, are you?
Gov. Palin wasn't out shaking people down for freebies. Monies were spent by her or on her behalf towards a ‘lower 48’ wardrobe.
Conservatives pay for something and the media try to make it a scandal.
LibCommSocialists get freebies that they avoid taxes on, and nobody says a damn thing.
Oh, c’mon. A convicted felon gave them a freakin’ house! And we’re supposed to get upset over this?
You’ll never see Michelle 0bama get up and sing “Second Hand Clothes” like Nancy Reagan did.
Rush was talking about Michelle looking like a sausage. Anyone have a photo?
‘’The First Lady the World Has Been Waiting For”
HUH?......I disagreed
Uh, but, but...it’s different when a democrat does it. Democrats don’t pay taxes...
“without any outcry from the media.”....
Anyone expected outcry from the media for a libtard’s wife?
Move along now.
Ping the fashion police!
He looks like the girl and she’s the man.
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