Report: Clinton Legal Bills Forgiven

NewsMax ^ | 8/19/02 | Limbacher

[Tumbleweed_Connection]

The Washington, D.C. powerhouse lawfirm Williams & Connolly has stopped trying to collect on an estimated $9 million of outstanding legal debt run up by Bill and Hillary Clinton since 1994, the New York Post reported over the weekend.

Williams & Connolly "long ago wrote off 80 percent of what President Bill Clinton owed," Post gossip columnist Cindy Adams contended, adding, "The lawfirm has already written off the majority of its $11 million outstanding."

The Post said the former first couple had paid just $2 million of the amount owed.

"Williams & Connolly loved its p.r. and what (the Clintons) did for p.r. they got back in spades," Adams explained as justification for the lawfirm's generosity.

The report, if accurate, raises question about what the Clintons did with the $7 million they collected from their legal defense fund, which they established in 1994 to handle the crushing legal debt they expected to result from a myriad of scandal investigations.

In a July financial disclosure report mandated by Senate rules, Sen. Hillary Clinton put the couple's outstanding legal debt at between $1.5 million and $6.5 million. But it's not clear whether those figures reflected any Williams & Connolly write offs.

In June, a report in the Washingtonian Online put the Clintons' outstanding legal tab to Williams & Connolly at $3 million, but maintained they continued to make regular payments.

The same report, however, claimed the former first couple had halted payments on a million dollar-plus legal tab still owed to Sexgate lawyer Bob Bennett because they were unhappy with his work.

[clintonh8r]

FReeper tax experts: Will this forgiven debt be considered income to the clintons for tax purposes? Oh, how I hope it will.

[mc5cents]

"Williams & Connolly loved its p.r. and what (the Clintons) did for p.r. they got back in spades," Adams explained as justification for the lawfirm's generosity.

Yea, and ole Dan Webster got a lot of pub when he took on the devil too.

[End The Hypocrisy]

I wonder if this could be viewed as a campaign contribution for Hillary, banned by McCain's new bill? Granted, it doesn't take effect until mid-November, but maybe that's why Williams & Connolly is rushing with this opportunistic forgiveness? I'm sure W&C won't try to get anything in exchange for this either...

[fone]

William Jefferson Blythe Clinton: The Deadbeat.

Imagine that.

[billorites]

"Will this forgiven debt be considered income to the clintons for tax purposes?"

The Bush IRS will have no stomach for going after these people.

[wai-ming]

Will this forgiven debt be considered income to the clintons for tax purposes?

Was the $8 million Hillary made on her book deal ever declared for tax purposes? I doubt it. The American taxpayers will never see the money, or the book for that matter.

[johnny7]

HRC/WJC to W&C;

“Bend over boys... we're gonna stiff you where it don't belong!”

[Semper Paratus]

I assume the law firm is doing this so it can get a bad debt write-off which I think would put the tax liability in the Clintons' court.

[frmrda]

The answer to your question is yes, the forgiven debt is taxable.

[mewzilla]

Can it be considered a gift, which I though Senators were forbidden from accepting, at least largesse of this magnitude?

[frmrda]

Don't know the answer. I guess it depends on the definition the Senate uses for "gift".

It is not a gift for IRS purposes. It is considered "forgiveness of debt income", which is different, tax-wise, than a "gift"

[KeyBored]

"The report, if accurate, raises questions about what the Clintons did with the $7 million they collected from their legal defense fund, which they established in 1994 to handle the crushing legal debt they expected to result from a myriad of scandal investigations."

I'll wait for the crack investigative reporters (today's Woodward and Bernsteins, if you will) to look into this.

Still waiting . . .



Still waiting . . .





Still waiting . . .

[RLK]

The American taxpayers will never see the money, or the book for that matter.

-------------------------------

The book will come out at a time best calculated to support her run for the presidency.

[steve-b]

Was the $8 million Hillary made on her book deal ever declared for tax purposes?

It wasn't money she "made"; it was a laundered bribe. The only way the book could possibly make back its advance would be if Hillary went into explicit detail about every known or suspected political, financial, and sexual scandal in her misbegotten life.

[steve-b]

I'll wait for the crack investigative reporters (today's Woodward and Bernsteins, if you will) to look into this.

[crickets]

[wind]

[owl]

[NEWwoman]

It's been known that the Clinton's tend to stiff people, bing and small.

* Remember when Hillary stiffed a waitress of a tip? (There was a stink, so she finally gave her a $100 savings bond.)
* In Gary Aldrich's book "Unlimited Access": Hillary had an aid pick up some personal items at a drug store, late at night. She never reimbursed him.
* I remember one of Hillary's ghost writers was stiffed.