"This story is simple. In 1998, Reid bought land. In 2004, he sold it. For the six years in between, he told everyone — including Congress — that he owned the land."
Uh no Max. It's not "that simple".
- He sold the land for zero gain.
- However he basically sold it to himself (partnership)
- When he 1st owned it it was zoned residential.
- After he sold it 'to himself' the land was REZONED commercial. That make the land much more valuable.
- The rezoning attempt by the 'new owner' was at first refused.
- Upon appeal, the rezoning was only approved AFTER it was made perfectly clear to the zoning board that one of the owners (Partners) was - Senator Harry Reid.
- It was also made crystal clear that with Senator Reid as part owner, rezoning it commercial would (hint hint) be better for all concerned (no veiled threat there).
- Only then was the rezoning approved.
- Ar that point said land is sold and Dingy Harry pockets a $700K profit.
- There's also the tiny, legal point that said sale to himself with this alleged partnership was not in writing. Which is NOT how real estate transactions are done - unless you're trying to pull something.
So Max that's how I understand it, and it sure ain't 'that simple'.
(btw Max, wanna play some ball today? We need a 3rd base.)
As I understand it Reid transfered his asset with a book value of $400,000 to an entity in partnership with JAY H; BROWN.
Does anyone know what is being reported as to what assets this entity had at that time? I assume Brown must have contributed something into the entity prior to the donation by Reid. I also assume Brown must have paid for the permitting of the land that Reid previously owned.
Does anyone know if the partnership still exists and if it currently has assets. I am not an accountant but I assume it must have had preexisting assets if Reid acquired an interest equal to the value of the land and I assume this was done as a tax free exchange for both parties which would mean assets still exist.