Re: NY AG Likely to Charge Trump with 6 Counts of Tax Evasion This Week
Posted by:
J7MJK
()
Date: May 17, 2021 09:47PM
FEM9E Wrote:
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> Doesn't Look Good Wrote:
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> > NC7CX Wrote:
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> > > Things people try Wrote:
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> > > > HGUWW Wrote:
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> > > > > Pretty basic tax law that if you're
> > employer
> > > > pays
> > > > > your kid's tuition that's income to you
> and
> > > you
> > > > > owe taxes on it.
> > > >
> > > > How about the one where a donor makes a
> > > deductible
> > > > contribution to a school. The next year
> his
> > > kid
> > > > gets a free ride scholarship. Seen it
> > happen.
> > >
> > > Yeah, that would be a nifty tax dodge,
> abetted
> > and
> > > conspired by those saintly school
> > administrators.
> > > It would be funny to see something like that
> > get
> > > prosecuted. The principal or board of
> trustees
> > or
> > > whoever would fold up like a cheap suitcase
> if
> > the
> > > feds came knocking.
> >
> > Knocking on the door for what? It doesn't look
> > good but perfectly legal.
>
> No, not legal. The hypothetical assumes that there
> was a deal. The deal was I'll make a $50,000
> donation to your school if my kid goes to your
> school for free next year, and I don't have to pay
> the $50,000 tuition.
>
> If you do that, and the feds can prove it, it's
> tax evasion. What happened was that you got paid
> $50k to make a $50k tax deduction. I'd take that
> fucking deal any day, except it's illegal as hell.
I really didn't explain that very well. Let's say you go to a charity auction, and they are auctioning, let's say, tennis lessons. They will tell you that the tennis lessons have a normal retail price of say $500.00. If you win the auction for $500.00, hey, guess what, you didn't make a taxable donation. You just bought something and buying something is not tax deductible. If you bid $1000.00 for the lessons, then yeah, you do get a tax deduction. For $500.00. In the school tuition scenario, if you give a donation in return for free tuition, that's not a crime, but if you take a deduction for the donation and don't deduct the value of the tuition, that is a crime. Tax evasion.