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 ...
Didn’t sell the options. Options expired.
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.
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.
Just that, if it says the options expired, it means they weren’t sold. Which is what I said, in response to your statement.
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
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.
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.
Pretty much the same rule if you have stock and a company goes bankrupt.
“Considered to have” is not the same as “did”.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.