Hickenlooper Returned Tax Breaks to IRS (CO Gov Race

DENVER -- Mayor John Hickenlooper paid back $52,486 to the Internal Revenue Service in 2008 because of questionable conservation tax easements he participated in over the past decade, CALL7 Investigators have learned.

After CALL7 Investigators started questioning the easement's value, Hickenlooper campaign staff provided 7News with a letter from the IRS telling Hickenlooper he could settle a claim to avoid litigation.

"This letter is to inform you that (the IRS) has considered the federal tax implications of a group of returns reflecting charitable contributions of conservation easements in the state of Colorado," the IRS letter said. "Because your conservation easement is within that group, the IRS proposes to resolve the issue(s) related to the conservation easement contribution claimed on your federal income taxes for 2002, 2003, 2004 and 2005 ... (the IRS) has concluded the settlement proposed is an equitable resolution of the issue(s)."

The letter also warns that Hickenlooper should not expect a more "favorable" resolution and if Hickenlooper does not agree to the terms he may receive a "less favorable" outcome.

Hickenlooper's more than $2.7 million in charitable contributions over 23 years have been a source of questions since he released his tax returns. Hickenlooper has refused to discuss the charities he contributed to, saying he does not want to pull them into a political race.

CALL7 Investigators have found that nearly half of those contributions and the corresponding deductions were from to the land easements.

Hickenlooper said counting easements as charitable contributions is not misleading.

Finally good news in the Colorado governor's race. Hickenlooper has been touting that he has given millions to charity. Now it turns out half of it was in conservation easments where he overstated the value (land bought at 1,400 per acre and declared as worth over 6,000 for purposes of the tax deduction). This is gonna hurt.

Re-create 68 was one of the biggest annoyances in the long run-up to Denver’s hosting the 2008 Democratic National Convention.

The Chinook Fund, a non-profit Hick established, funded Re-create 68 as it tried to disrupt the mayor’s challenge ...pulling off the DNC.

2 posted on 09/14/2010 5:43:02 PM PDT by george76 (Ward Churchill : Fake Indian, Fake Scholarship, and Fake Art)

Why would CO elect such and anti-gun nut to run their state. This guy is looney on the subject.

If you hadn't put it in your title comments we could have played a nice round of "Guess the crooked politician's party."

No mention in the headline, no mention in the article. Gosh I wonder what party he belongs to?

4 posted on 09/14/2010 6:02:25 PM PDT by SC Swamp Fox (Aim small, miss small.)

Okay, okay. They never come right out and mention his party but they do give us this "clue" in the last paragraph:

"His Republican challenger, Dan Maes, has refused to release his tax returns and other information to the general media."

This is great!

5 posted on 09/14/2010 6:09:29 PM PDT by SC Swamp Fox (Aim small, miss small.)

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