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United States Senator Kirsten Gillibrand Accused of Filing False Tax Return
Mental Recession ^ | 09/14/12

Posted on 09/14/2012 1:19:49 PM PDT by rustyweiss74

Citing what they call an "impossible transaction" the campaign team for Wendy Long sent out a press release today accusing United States Senator Kirsten Gillibrand of filing a false tax return in 2010.

Here is a copy of the press release:

A cursory review of Senator Kirsten Gillibrand's taxes indicates a transaction that was impossible. But the New York Times refused to even examine the issue.

U.S. Senate candidate Wendy Long said, "Two things stand out here: we have a tax code that even a U.S. Senator can't get right and a liberal media goliath that is playing one side of this election. Neither is surprising, and both are wrong."

Long added, "Senator Gillibrand has a history of 'shorting' America, but did she short the taxpayers too? The New York Times doesn't care."

Kirsten Gillibrand's 2010 tax return shows that she purchased 80 "shares" of Sears Holding Corp. ("Sears") for $22,780 on January 12, 2010. Her return shows that the 80 "shares" were sold on June 21, 2010 for $23,980. This is impossible.

(Excerpt) Read more at menrec.com ...


TOPICS: New York; Campaign News; Issues; U.S. Senate
KEYWORDS: kirstengillibrand; taxreturns

1 posted on 09/14/2012 1:19:57 PM PDT by rustyweiss74
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To: rustyweiss74

Yet ANOTHER NY politician with shady tax returns or tax records.
What a surprise.
/ sarc


2 posted on 09/14/2012 1:22:11 PM PDT by Darksheare (Try my coffee, first one's free.....)
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To: rustyweiss74

What’s missing from this article?


3 posted on 09/14/2012 1:22:25 PM PDT by massgopguy (I owe everything to George Bailey)
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To: rustyweiss74

What’s missing from this article?


4 posted on 09/14/2012 1:22:39 PM PDT by massgopguy (I owe everything to George Bailey)
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To: rustyweiss74

Uh-oh... this might trim her lead all the way down to 45 points. She’s toast. ;-)


5 posted on 09/14/2012 1:22:49 PM PDT by ScottinVA (If Obama is reelected, America will deserve every mockery that follows.)
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To: rustyweiss74

Paying taxes is something new to her


6 posted on 09/14/2012 1:24:06 PM PDT by molson209
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To: massgopguy

Party affiliation.


7 posted on 09/14/2012 1:24:12 PM PDT by Kenton (Feed the Homeless to the Hungry...)
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To: massgopguy

OMG WHAT PARTY?


8 posted on 09/14/2012 1:24:34 PM PDT by NEMDF
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To: massgopguy

Share price


9 posted on 09/14/2012 1:24:56 PM PDT by Keen-Minded
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To: rustyweiss74

Is this the person, Harry Reid was all gaga about?


10 posted on 09/14/2012 1:26:00 PM PDT by OrioleFan (Republicans believe every day is July 4th, Democrats believe every day is April 15th.)
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To: rustyweiss74

You’re a n00b so let me explain how this works - it’s only lying, stealing, incompotence and corruption when conservatives do it.

For liberals, these are all little errors that require no looking in to.


11 posted on 09/14/2012 1:26:45 PM PDT by Psycho_Bunny ("Insulting" Islam is as impossible as casting aspersions on a pile of dog crap.)
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To: rustyweiss74

Clearly Long is being sandbagged. Why else send out important information like this when on a Friday afternoon as the middle east burns. Who will ever hear bout it?


12 posted on 09/14/2012 1:27:23 PM PDT by JLS
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To: molson209

Taxes are for the little people.


13 posted on 09/14/2012 1:27:57 PM PDT by dfwgator (I'm voting for Ryan and that other guy.)
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To: rustyweiss74

I believe those are options on Sears and not the shares so the price would seem “impossible”. Sorry challenger... no cigar.


14 posted on 09/14/2012 1:28:11 PM PDT by MrDem (Founder: Democrats for Cheney/Palin 2012)
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To: rustyweiss74

If this is true, it’ll be chalked up to an accountant’s error or some such excuse. The media will leave it alone.

The ****ing Secretary of the Treasury is a known tax cheat. Give me a break.


15 posted on 09/14/2012 1:30:26 PM PDT by Steely Tom (If the Constitution can be a living document, I guess a corporation can be a person.)
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To: rustyweiss74
LOL!

Kirsten E. Gillibrand
16 posted on 09/14/2012 1:31:04 PM PDT by TSgt (The only reason I have one in the chamber at all times, is because it is impossible to have two in.)
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To: massgopguy
Party not mentioned, therefore she's a demonicRat.


17 posted on 09/14/2012 1:31:28 PM PDT by ArrogantBustard (Western Civilization is Aborting, Buggering, and Contracepting itself out of existence.)
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To: rustyweiss74

So her tax return shows a gain (for which she would owe tax) rather than a loss (which would reduce her tax)


18 posted on 09/14/2012 1:32:16 PM PDT by FewsOrange
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To: rustyweiss74

She’s pretty, so it does not matter what she says or does or if she obeys the law.


19 posted on 09/14/2012 1:32:16 PM PDT by Haiku Guy ("The problem with Internet Quotes is that you never know if they are real" -- Abraham Lincoln)
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To: rustyweiss74

Democratic reaction: “It’s nobody’s business, and when’s Mitt going to release his tax returns?”


20 posted on 09/14/2012 1:33:30 PM PDT by dfwgator (I'm voting for Ryan and that other guy.)
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To: Keen-Minded

Wise guy. Two demerits!


21 posted on 09/14/2012 1:33:37 PM PDT by massgopguy (I owe everything to George Bailey)
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To: rustyweiss74

Cattle Futures.


22 posted on 09/14/2012 1:37:15 PM PDT by Deb (If you wanna laugh everyday, follow Deepak Chopra on Twitter)
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To: Kenton

Not to mention, what state she represents. Mental Recession? Got it.


23 posted on 09/14/2012 1:38:11 PM PDT by Misterioso (Trying to explain music is like trying to dance architecture. -- Thelonious Monk)
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To: MrDem

There are separate transactions for options on the same date, so I don’t think that is the issue.

This looks like an accounting error, and if someone were to look at the underlying documents, she would probably incur a loss instead. If so, she actually paid more taxes than necessary.

The accountant certainly would have egg on their face.


24 posted on 09/14/2012 1:46:23 PM PDT by justlurking (The only remedy for a bad guy with a gun is a good WOMAN (Sgt. Kimberly Munley) with a gun)
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To: rustyweiss74

Call “little Timmy” he’ll get to the bottom of it!


25 posted on 09/14/2012 1:46:32 PM PDT by Doulos1 (Bitter Clinger Forever!)
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To: massgopguy

The first thing immediately noted is the absence of her party of record; our criminal class National Socialist Democrat Party. Spotted that before I read any of the replies.


26 posted on 09/14/2012 2:07:36 PM PDT by RJS1950 (The democrats are the "enemies foreign and domestic" cited in the federal oath)
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To: rustyweiss74

She’s a Democrat so it’s okay


27 posted on 09/14/2012 2:11:42 PM PDT by GeronL (The Right to Life came before the Right to Pursue Happiness)
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To: MrDem

Then you didn’t bother to READ.... the line above the Sears SHARES listed as OPTIONS. So you are the one that is wrong....jerk


28 posted on 09/14/2012 2:22:48 PM PDT by Nifster
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To: rustyweiss74

I absolutely despise her, as a western New Yorker. She has spent her entire term of office (1) screaming about needing more women in politics (I think she means more ultra left women in politics) and (2) gay marriage. I have emailed her, called her office, to explain her obsession with those two issues when the state is going down the toilet and western NY is suffering. No responses. Her staff are idiots and are unaware of her votes or bills up for voting.

She married a rich British banker, came from a well do to family, was groomed by that idiot Chuck Schumer, yet to her, “the cards are stacked against women.” Oh shut up.

I absolutely loath her.

And for a woman under 45, she dresses like a granny.

And yet with her abysmal record, the good liberals of NYC and Long Island will ensure a landslide victory for her.


29 posted on 09/14/2012 2:26:38 PM PDT by RochesterNYconservative (ROMNEY/RYAN 20121)
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To: rustyweiss74

She gets reeelcted anyway....by 10 points minimum


30 posted on 09/14/2012 2:32:53 PM PDT by wny
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To: GeronL

The shares were about $100 on the day purchased (SHLD common) and dropped to $75 on the day sold.

So, she would have had a large loss that she didn’t take.
Who knows the number of shares. Would be about 240 to 320 shares. Obvious accountant screw up. Nobody proof-reads?

http://finance.yahoo.com/q/hp?s=SHLD&a=04&b=2&c=2009&d=00&e=21&f=2010&g=d


31 posted on 09/14/2012 2:33:08 PM PDT by campaignPete R-CT (and we are still campaigning for local conservatives in central CT.)
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To: rustyweiss74

Probably will be swept under the rug as a technical violation. You’re talking about an under reporting of income of somewhere between $800 and $7,000, depending on how many shares were purchased and when.

If it were anyone other than a Congresscritter, you’d pay the taxes owed, the penalty and go on your way.


32 posted on 09/14/2012 2:37:42 PM PDT by NYRepublican72
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To: NYRepublican72

I take that back. As pointed out here, unless it’s blended stock, it’s a loss over time. Seems like a simple accounting error.


33 posted on 09/14/2012 2:40:10 PM PDT by NYRepublican72
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To: rustyweiss74
For what it's worth ............ The charge is that the price for the 80 shares as shown on the below tax from doesn't come close what the stock was selling for on the NYSE on the days listed.


34 posted on 09/14/2012 2:50:22 PM PDT by deport
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To: ArrogantBustard

That really his hair?


35 posted on 09/14/2012 2:51:30 PM PDT by EQAndyBuzz (ABO 2012)
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To: EQAndyBuzz
I don't know.

Therefore ...

36 posted on 09/14/2012 3:05:26 PM PDT by ArrogantBustard (Western Civilization is Aborting, Buggering, and Contracepting itself out of existence.)
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To: deport

That could also be a straddle or spread of the shares and underlying options. The fact that they were both sold on options expiration day is a big clue.

The tax straddle rules usually involve adjusting the cost basis of the stock so this is probably legit. Once again, sorry challenger, no cigar.


37 posted on 09/14/2012 3:08:35 PM PDT by MrDem (Founder: Democrats for Cheney/Palin 2012)
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To: Nifster

Gnat.


38 posted on 09/14/2012 3:09:35 PM PDT by MrDem (Founder: Democrats for Cheney/Palin 2012)
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To: rustyweiss74

Racists!

/sarc


39 posted on 09/14/2012 3:43:30 PM PDT by RatSlayer
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To: MrDem

just admit you were mistaken.... like Obama does because I know you will never admit to being wrong


40 posted on 09/14/2012 5:36:57 PM PDT by Nifster
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To: MrDem

Didn’t sell the options. Options expired.


41 posted on 09/14/2012 6:22:12 PM PDT by CharlesWayneCT
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To: CharlesWayneCT

So what if they expired? They would still alter the basis price of the stock if this was a Section 1092 transaction, which is almost certainly the case.


42 posted on 09/15/2012 3:04:08 AM PDT by MrDem (Founder: Democrats for Cheney/Palin 2012)
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To: Nifster

I’m not wrong. This is a silly accusation being made due to ignorance. But of course you can’t understand that since you are just as ignorant on the topic.


43 posted on 09/15/2012 3:12:02 AM PDT by MrDem (Founder: Democrats for Cheney/Palin 2012)
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To: MrDem

Just that, if it says the options expired, it means they weren’t sold. Which is what I said, in response to your statement.


44 posted on 09/15/2012 8:33:33 AM PDT by CharlesWayneCT
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To: MrDem

and you didn’t even bother to read the tax return...options are listed as such. this was listed as shares...go back to be dimmicrat


45 posted on 09/15/2012 9:00:14 AM PDT by Nifster
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To: Nifster

Do you know what section 1092 trading transactions are? It is obvious you do not and are denser than a box of rocks on this subject.


46 posted on 09/15/2012 10:41:04 AM PDT by MrDem (Founder: Democrats for Cheney/Palin 2012)
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To: CharlesWayneCT
We are speaking taxwise and they are consider "sold" at a price of $0.00 if they expire worthless.

From the IRS Publication 550:

Option not exercised. If you have a loss because you did not exercise an option to buy or sell, you are considered to have sold or traded the option on the date it expired.

47 posted on 09/15/2012 10:50:22 AM PDT by MrDem (Founder: Democrats for Cheney/Palin 2012)
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To: MrDem

Pretty much the same rule if you have stock and a company goes bankrupt.

“Considered to have” is not the same as “did”.


48 posted on 09/15/2012 9:21:10 PM PDT by CharlesWayneCT
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