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Hollywood lawyer paid off over $2M of Hunter Biden’s delinquent taxes
https://nypost.com ^
| Hollywood lawyer paid off over $2M of Hunter Biden’s delinquent taxes
| By Miranda Devine, Marjorie Hernandez and Patrick Reilly
Posted on 05/09/2022 9:15:16 AM PDT by Red Badger
When Republicans take the House, we’ll finally get answers about Hunter and Joe Biden A big-shot Hollywood lawyer reportedly paid off Hunter Biden’s delinquent taxes — which a source told The Post amounted to more than $2 million — as President Biden’s notoriously troubled son awaits the results of a Delaware grand jury’s investigation into his personal finances.
Kevin Morris, an entertainment attorney and novelist who earned a fortune representing the co-creators of “South Park” and won a Tony Award as the co-producer of “The Book of Mormon,” footed Hunter Biden’s overdue taxes totaling over $2 million — more than twice what was previously reported, a source familiar with conversations between the two told The Post.
Morris, whom Hunter Biden’s friends call his latest “sugar brother,” has also been funding the 52-year-old’s lifestyle in Los Angeles — including his rent and living expenses, the source said.
The attorney has also been advising the president’s son on how to structure his art sales, according to the source.
When The Post attempted to contact Morris at his Malibu residence to ask about his dealing
(Excerpt) Read more at nypost.com ...
TOPICS: Crime/Corruption; Government; Politics/Elections; US: California; US: Delaware; US: New York
KEYWORDS: delaware; hollywood; hunterbiden; joebiden; kevinmorris; losangeles; marjoriehernandez; mirandadevine; newyork; newyorkcity; newyorkpost; patrickreilly; southpark; sugarbrother; tonyaward
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To: Red Badger
Here’s the scheme: ( I don’t know if this is actually workable)
I don't see the benefit there. You say they both owe taxes on $2MM, which is less than the $2MM owed. Yes, but you're ignoring that Hunter is out $2MM anyway from paying the retainer, and the lawyer is out $2MM from paying the taxes for him. So really, they owe MORE with that scheme, because Hunter then owes the tax on the $2MM gift (for which he paid $2MM), and the lawyer owes taxes on the $2MM "income" that he just passed through and didn't get to keep a penny of. And I'm pretty sure gift-paying someone else's taxes is NOT a valid business expense he can just write off and zero out.
To: EVO X
The way I understand this transaction is the person paying off Hunter's 2 million tax liability is a gift. Hunter has no tax liability. The person making the gift that exceeds reporting requirements has to report it to the IRS..
Yes, the donee is not responsible for any taxes unless they agree to do so. The donor is responsible for taxes on the gift, after a $15M annual exclusion, unless it's for tuition/medical debt, to a spouse, or certain charitable or political organizations.
To: Svartalfiar
Hunter avoids paying the fine and the interest penalties...............
43
posted on
05/09/2022 12:37:10 PM PDT
by
Red Badger
(Homeless veterans camp in the streets while illegal aliens are put up in hotels.....................)
To: Flick Lives
My thought exactly this is considered income
To: Svartalfiar; Red Badger
Ah, let me change that paragraph:
Hunter would owe nothing more or less, he’d just be out the $2MM retainer (same as his tax bill). Gift donees don’t owe gift taxes unless they agree to be the owing party, the IRS default is the donor owes it.
The lawyer, as the one giving the gift, would owe taxes on the $2MM income from the retainer, as well as the gift tax on $1,985,000 of the gift, since he certainly used up his $15M annual exclusion per gift recipient. Of course, that taxable amount could be lowered by $15M per person if the lawyer “has his wife pay” for some of the gift (over and above the $15M exclusion), as well as have all his partners or clerks or whatnot make a gift as well. (133 other people is enough to zero out any owed gift tax!) Of course, if he gifts each of them $15M for the purpose of them then gifting that money to Hunter, for the sole purpose of paying less gift tax, I doubt the IRS would like that very much...
So still, Hunter has the same bill wither way, the lawyer loses money if he agrees to such a convoluted scheme!
To: Red Badger
Hunter avoids paying the fine and the interest penalties...............
How so? If the lawyer pays only the tax bill, then interest and penalties are still owed, and they're on Hunter's name, and will be auto-taken out of any future refunds he gets. With additional interest.
If the fines and penalties were included in the lawyer's gift tax payment, then didn't Hunter pay them anyway as part of the $2MM retainer?
To: MoeMatters ; Flick Lives
My thought exactly this is considered income
It is not. IRS does not consider gifts as income, and any transfer of money or value for nothing/less in return, is considered a gift.
The lawyer will owe gift taxes on $2MM - $15M annual exclusion, but Hunter is in the clear, assuming that the gift payment included all fines, penalties, and interest on top of the base amount Hunter owed.
To: Lurkinanloomin
We will get nothing.
At least half of the GOP is okay with a stolen election, a wide open border, an invasion by tens of millions of illegal 3rd World parasites and the destruction of the Republic.
Time to buy some property in the mountains, some popcorn and sit back and watch the show.
48
posted on
05/09/2022 1:25:59 PM PDT
by
Eagles6
(Welcome to the Matrix . Orwell's "1984" was a warning, not an instruction manual.)
To: Red Badger
When Republicans take the House, we’ll finally get answers about Hunter and Joe BidenHA
HAHA
HAHAHA
49
posted on
05/09/2022 1:35:41 PM PDT
by
Jim Noble
(Love's redeeming work is done)
To: Red Badger
50
posted on
05/09/2022 1:37:53 PM PDT
by
Jim Noble
(Love's redeeming work is done)
To: Eagles6
51
posted on
05/09/2022 1:52:52 PM PDT
by
Lurkinanloomin
( (Natural born citizens are born here of citizen parents)(Know Islam, No Peace-No Islam, Know Peace)
To: Red Badger
Why is that not also considered income?
52
posted on
05/09/2022 2:22:14 PM PDT
by
VTenigma
(Conspiracy theory is the new "spoiler alert")
To: Red Badger
Why is that not also considered income?
53
posted on
05/09/2022 2:22:15 PM PDT
by
VTenigma
(Conspiracy theory is the new "spoiler alert")
To: Svartalfiar
This was a guess and I suspected it for quite some time. Laptop from hell suggests he is totally broke but yet he is living high on the hog in costal LA. A sugar daddy makes sense...
A
54
posted on
05/09/2022 2:26:22 PM PDT
by
EVO X
( )
To: Red Badger
Morris and Biden should get a room and swap spit.
5.56mm
55
posted on
05/09/2022 2:27:52 PM PDT
by
M Kehoe
(Quid Pro Joe and the Ho need to go.)
To: Sirius Lee
I think taxes on large gifting is pretty stiff. I'm sure Hunter reported it though and paid his fair share of taxes.
/sarc
56
posted on
05/09/2022 3:42:47 PM PDT
by
BipolarBob
(I never dated Jennifer Gardner because she always asked "What's in your wallet". That's a red flag.)
To: Lurkinanloomin
57
posted on
05/09/2022 5:14:07 PM PDT
by
Eagles6
(Welcome to the Matrix . Orwell's "1984" was a warning, not an instruction manual.)
To: Red Badger
IF he did-—HE CANNOT deduct those payments-—because the taxes owed were NOT his taxes.
It ALSO is far more than a non-taxable gift allowance by the IRS.
That LIMIT is about $13,000-14,000 dollars.
Anything higher—the TAX on the excess MUST be Paid by the GIVER.
Tax on $1,986,000 is substantial.
Looks like a major audit is coming for this “Friend of Hunter”.
To: Gideon7
NON-TAXABLE limit on Gifts is about $14,000.
Anything higher —the tax must be paid by the GIVER.
To: Flick Lives; Red Badger; BenLurkin; Kaslin; Lazamataz; MHGinTN; Liz; LS
My question as well. Isn’t such a third party payment, particularly if the pair are already in a business client consulting relationship a RICO conspiracy or a “gift” taxable income?
60
posted on
05/09/2022 9:58:09 PM PDT
by
Robert A Cook PE
(Method, motive, and opportunity: No morals, shear madness and hatred by those who cheat.)
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