He bought a portion of the lot at a bargain price from Rezko, the remaining lot segment will never be built upon as I understand it, so he effectively got the benefit of the whole lot.
I stand corrected, Obama’s house is in Kenwood.
If they can go after taxes with Stevens on his enhancements to his house before he sold his house, why not Obama?
“If they can go after taxes with Stevens on his enhancements to his house before he sold his house, why not Obama?”
I concur. Can someone explain this? Obama benefits from this corrupt transaction even if he NEVER sold the house. That is, he enjoys a degree of privacy and seclusion that he would not have without Rezko making this possible. Indeed, it is precisely this same benefit that would motivate a buyer to pay a higher price for the property knowing that the remaining Rezco parcel was too small to build on etc.
If I win a contest that entitles me to a new house, don’t I have to pay taxes NOW on the market value of that house rather waiting until I sell it (which could be never) and receive actual dollars for it?