Posted on 06/30/2006 8:00:43 AM PDT by SmithL
NASHVILLE - Bob Corker's major opponents in the Republican U.S. Senate primary are questioning whether the wealthy businessman is trying to hide something by refusing to release details of his federal income tax returns.
Corker, who reported income of almost $5 million to the IRS last year, said that is not the case, and he has "provided all the information any voter or citizen would want to know."
In response to News Sentinel requests, all three major GOP Senate candidates provided several years of basic federal 1040 income tax return forms for review.
Ed Bryant and Van Hilleary, who both have had annual income of around $300,000 in most recent years, also provided the accompanying schedules and forms that provide details on deductions, tax credits and other information.
Corker refused to provide other forms, saying his returns are complicated, each typically "a stack of paper 3-inches thick" and contain financial information irrelevant to his candidacy or subject to misinterpretation.
He did provide access to basic form 1040s for himself and his wife, who file jointly, dating back to 1976, along with a summary sheet prepared by an accountant that shows adjusted gross income, tax paid and the amount of charitable donations each year.
In an interview, Corker gave the names of some charities receiving donations but declined to give the amounts of any individual donations. Last year, Corker said he gave $406,306 to charity and the summary says charitable giving since 1976 totaled $1,751,331.
Corker's form 1040s refer to multiple other forms and schedules filled out but not made available. In some cases, the candidate answered questions about 1040 entries.
For example, his 2005 return shows most of his income was in the form of capital gain - more than $4.1 million. The capital gain schedule was not provided, but Corker said the money came primarily from the sale of two buildings in Chattanooga, one housing a Walgreens drug store and the other known as Freight Depot.
Corker said his income is substantially increased this year, thanks to the sale of 36 office and retail buildings. He has declined to reveal the sale price and the income will not be reported to the IRS until he files his 2006 return next year.
Corker said most of his business operations are conducted in the form of "subchapter S" corporations. For tax purposes, that means the company earnings are treated as his own earnings.
He said that is one reason his returns are far more complex than those of Bryant and Hilleary, who often had only one or two extra forms accompanying their basic 1040.
Corker also said he has "gone above and beyond" requirements of the law in voluntarily providing information. But his opponents say that is inadequate.
"The question is, what is Bob hiding," said Hilleary in a recent interview. Bryant raised essentially the same question and this week his campaign issued a news release on the subject.
"Bob Corker has a well-documented history of not telling the whole truth about his record," said Bryant spokesman Andrew Shulman in the release. "And now, Mr. Corker won't come clean with Tennesseans and release his full tax records."
The Bryant campaign noted that Corker, in an unsuccessful 1994 Senate race, released tax information showing he paid no federal income taxes in two years - 1985 and 1989. News reports at the time said this was because of depreciation, tax credits and deferrals and Corker agreed with that assessment in a recent interview.
The former Chattanooga mayor, who has focused on real estate development and investment during his business career, made voluntary payments toward the national debt of $7,500 and $5,000 in the two years when he paid no taxes.
"When you're in business, you don't make money every year. Things go in cycles," Corker said. "What I am most proud of is how I handled the tough times."
The business situation and the substantial taxes he paid in most years, Corker indicated, distinguish his tax status from that of former Republican U.S. Sen. Bill Brock, defeated in a bid for re-election in 1976 after acknowledging tax shelters allowed him to reduce or avoid taxes in some years. Democrats made an issue of his taxes, producing lapel pins and bumper stickers that read, "I paid more taxes than Bill Brock."
In 1986, Republican gubernatorial nominee Winfield Dunn released returns showing he paid no taxes in two years, prompting some criticism from Democratic nominee Ned McWherter, who won the election.
This year, the winner of the Aug. 3 Republican primary is expected to face Democrat Harold Ford Jr. in the November election. Through a spokeswoman, Ford said he will provide copies of all his tax returns and related schedules for review, though the forms could not be obtained from an accountant this week.
The Republican candidate tax disclosures this year indicate all three men typically make significant donations to charity.
Corker said "a large amount" of his charitable giving went to Community Foundation of Chattanooga, which allows donors to direct which of multiple causes aided by the group will receive benefits.
His church was also a major recipient, Corker said, and listed other beneficiaries including United Way, the Siskin Foundation, the Salvation Army and organizations helping persons with mental health problems and Alzheimer's disease.
Bryant and Hilleary provided their "schedule A" deductions form for each year, including a list of donations by amount to each charity.
The biggest recipient of Bryant donations was his church, receiving $11,000 last year while a missionary organization got $1,200 and other groups lesser amounts - including $500 in "used clothing and household goods" to Goodwill Industries.
The University of Tennessee was a major beneficiary of Hilleary's charitable donations, with amounts ranging up to the $19,600 provided in 2002.
Hopefully, the voters of Tennessee will retire this clown in the primaries......
Sometimes a person can get lucky. Sometimes a person can catch a huge break by way of Coca-Cola heirs. Sometimes.
The biggest threat to Tennesseans ain't Harold, Junior... it's trojan horse 'Rat RINO Boob Corker. Let's send Chattanooga Chafee back home to mama on August 3rd.
How can Corker be stopped with the conservative opposition to him being divided?
There was a debate between the three on WATE last night. I caught a lot of it. Van Hilleary and Bryant gave good answers. Corker was put on the defensive and didn't do so hot. WATE ran a poll based on those attending who won? Corker as Hilleary & Bryant picked on him sheeshh. Done at UT Campus {likely a Liberal and DEM laced crowd} though what can you expect. IMO Hilleary came off the most knowledgeable and Conservative. He did actually debate as did Bryant.
With the conservatives divided, all the "moderate" has to do is file his papers, and he will be nominated. Conservatives aren't nearly strong enough to have the luxury of division within their ranks.
Easy. Hilleary can drop out.
I hope this becomes public knowlege soon. Both Ed Bryant and Van Hilleary have yet to mount effective campaigns and Corker is the front-runner only on account of his heavy campaign spending. There's a real chance that he could fool state GOP voters into thinking he's one of them.
Thee have been many cases where the conservative majority lost a primary to a "moderate." This happens in the House probably more than it does in the Senate. I always expect the biggest advertiser to win, but that is not always the case, as we know.
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