Of course it didn't, therefore, he evaded payment of taxes on that earned income.
Pretty cut & dry. He'll be wearing an orange jumpsuit before too long. Oh, and Harry! Watch out for your cornhole, bud.
The profit wouldn't show up in the year he converted it to a Partnership holdings, but in the year of final sale when he got his $1 million. This is all about a "sure thing" profit for him so he would deliver political favors. He can't be paid a bribe so you deal him in a deal cheap ($400,000) when you already know the end game for him ($1 million). This is in effect how tyson paid off Bill Clinton for turning his head when they polluted the Arkansas River. Just assign favorable trades (that them make daily as a hedge) to Hillary's trading account and she gets the profit because of her market genius. She claims she learned the commodities market from the Wall Street Journal, but that is impossible because there is nothing in it that would teach her how to even operate in the commodities market. The WSJ only gives prior trading day closing data in the WSJ. But if you give her favorable trades out of your hedge account when all transactions are settled nightly after market close, she "earns" the money and you don't have to do the criminal thing of writing them a bribery check. Life is sweet..............for Reid too.
Of course it didn't, therefore, he evaded payment of taxes on that earned income.
This is where I think this goes as well. Your income or capital gains on investments are calculated on the difference between your buying and selling price. By converting the land to stock - with no paperwork whatsoever - Harry effectively laundered the investment. I'd bet he reported the total sale properly, hard to avoid that with the amount and title transfer, but I'd bet the farm he reported a cost basis higher than $400K. He will claim the partnership grew and his stock was worth more at the time of sale. Garden variety investment income tax evasion.
And "technical correction" - isn't all law "technical"? Has the goofball ever looked at the tax code he has helped create? "Technical" = following the law.
re: Reid can try and spin this as a 'technical error', which he'll correct asap, but the question is did this profit, show up on his federal tax return for that year?
Bingo... it didn't exist. Wait a minute... coulda sworn I saw the LLC docs yesterday... BRB.
He'll be wearing an orange jumpsuit before too long
I'd pay to see that BUT....I will never happen ..the dems will spin the hell out of this the MSM will hush it all up and of course OUR side will wimp out as usual trying to be nice guys about it all. We haven't fough back in 2 years in my opinion.