To: Defiant
Why did Reid want to keep this from being written down? My guess - when the land was turned into stock in this partnership, Reid effectively laundered the cost basis on his investment. To know for certain, his 1040's need a look.
This looks altogether like income tax evasion to me. The "technical correction" with the Senate Ethics Committee could just be a smoke screen to cover up the FELONY.
92 posted on
10/12/2006 6:31:15 AM PDT by
IamConservative
(A mans true character is revealed in what he does when no one is watching.)
To: Repub4bush; rightinthemiddle; andyk; tiredoflaundry; sono; RasterMaster; markedmannerf; ...
To: IamConservative
When he donated the property to the partnership, he gave it a value of $400k. That way, he didn't owe any tax on the transfer. It probably was worth more than $400k at the time, since he had bought it 3 years earlier for that price. Whether he can do that or has to donate it at FMV is a question for a tax lawyer. My guess is that it is ok, so long as he pays tax on the difference between his $400k original investment and his sale price of $1.6 million.
You are right, the 1040s need a look. Only the Feds can do that.
108 posted on
10/12/2006 8:03:34 AM PDT by
Defiant
(Do you realize if the Star Wars creator's last name was Thomas, we would have Tom Skywalker?)
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