The real sticking point here for the esteemed Senator from Nevada is the status of his "shares" from the LLC.
I'm pretty sure he reported the transaction on his tax return - not even he is that bold. But he sold the LLC the land he'd bought several years earlier for what he paid for it - $400K.
Now, a few years pass, and he gets his share of the sale, $1.1M.
What I'm betting is, he reported the income against the basis of his outstanding shares in the LLC, for purposes of calculating the capital gain. I think he used a different, inflated figure for the shares of the LLC, thereby lowering, or maybe even eliminating, any tax consequence for this transaction.
In effect (no, in reality!) he laundered this money.
There are many, many other aspects of this saga that will not pass the smell test, of course, but this is probably one of his biggest problems, and if somebody at Justice has any sense of justice and a good pair of balls, they'll bring RICO charges against him for this little indiscretion.
I doubt, in the end, that will happen, but one really has to wonder just how many skeletons this guy has in his closets.
At least, this is how I'm viewing things on this story.
CA....
"but one really has to wonder"
I agree fully. It would be nice if he would make his returns public. I and a lot of others would just love a looksee. But this and the other revelations indicate a probability that after the election he may surrender his post ( unless the Dems win, in which case they have no shame).
The Justice Dept. if full of Clinto appointees. They fired everybody and put their people in. Bush never cleaned out the Clinto people.
Don't expect any interest by the Jusitce Dept..
.......I think he used a different, inflated figure for the shares of the LLC......
and there we have it, truth.
The LLC adjusted his basis.