The Biden Scam Unravels
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2023-01-16 11:12 by Karl Denninger
in Flash , 1471 references Ignore this thread
The Biden Scam Unravels
[Comments enabled]

Well now the classified document scandal has really blown up in Biden's face.

But even more-intriguing is that there is an apparent set of evidence of both hinky dealing and intentional cover-up to be found in Biden's tax returns and the revelation that Hunter was paying Joe $50,000 a month to rent a house that was worth a couple of million.

Hunter also claimed that said house was owned by him, but the tax and deed records say otherwise.  That, however, is Hunter's problem --  not Joe's.  Joe's tax return not only shows the property tax paid on the house it also deducts mortgage interest.  It's his house both by deed and by who's covering the mandatory bills.

Joe's tax returns from the subject year shows business income from pass-throughs (two S corps) which is perfectly legal.  The tax returns do not show income in that classification from other sources; ergo, said "rental" has to be inside one of those two corporations or there is a serious felony involved, because that would be $600,000 of undeclared (and untaxed) income.  Line 17 of Schedule 1 shows this and ties back from Schedule E, as it must.  The other "business income or loss" from Schedule C is inconsequential in amount.

But this leads to a very serious question: There's nothing wrong with an S corp owning property but does it not have to be titled into the corporation?  It wasn't; at all times material the house was owned by Jill and Joe Biden in their personal capacity.  It was not in a trust of some sort nor was it retitled into an S-corp as there's no record of either.  That seems rather hinky but perhaps not.  In any event rental property is very different than a personal residence in that with rental property there's depreciation and all other manner of things you can deduct that isn't true for a personal residence -- but if you convert it back to a personal residence that gets recaptured which is something I've warned other people to be careful of.

So let's see the records on those two S-Corps that the Bidens declared and paid taxes on during that year.  Is the rental income from Hunter in there, and if so, how does the S-Corp, which I remind as a corporation must keep formal books of account and not lie in any material respect account for income from an asset it does not own?

If the rental income isn't in those two S-Corps then either it never existed or Joe and Jill ripped off the government and committed tax fraud on the $600,000 paid by Hunter to Joe that is not declared anywhere in their state or federal tax returns.

In any event someone is hiding something in there.  Whether this is more confabulation of a drug-addled Hunter or was disclosure of "10% for the big guy" kicked back to his father under the table and either improperly buried in an S-Corp "profit" that never owned the asset in question and thus can't do that or Joe and Jill got $600,000 worth of undeclared income and didn't pay taxes on it is now the question that demands an answer.  After all tax cheating in that sort of size is serious business, felony-level serious, and is one of the few plausible explanations for what those documents disclose.

I'm not a CPA or Enrolled Agent; I paid both when I ran corporations, but I have run an S-Corp, an LLC and a C-Corp and signed tax returns listing income from all three over the years.  I know what the law is in this regard because I respected and properly followed same.

If I pulled something like this and attempted to claim 10x the reasonable and expected rate of rental income on a single house by running it through an S-corp I'd have federal and state tax people along with law enforcement crawling so far up my rectum I'd be able to taste it.

Well?

Go to responses (registration required to post)
 



 
Comments on The Biden Scam Unravels
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Cmoledor 1k posts, incept 2021-04-13
2023-01-16 11:17:51

And itll all get memory holed soon enough.

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The whole world is one big fucking scam
Why are you giving a vulgarity warning here? Our genial host is an advocate of both skullfucking and sodomy via rusty chainsaw. Credit to Rollformer
Boredfree 1k posts, incept 2021-09-15
2023-01-16 11:20:43

Wow!

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The problem is most people want to point a finger rather than their thumb when dealing with challenges.
Indianarube 1k posts, incept 2020-03-22
2023-01-16 11:23:36

There is no rule of law.
"Rules for thee, but not for me."
Veeger 1k posts, incept 2013-02-13
2023-01-16 11:26:49

Not memory holed so much as...

The 'mistake' will be 'corrected' as an amended return.

See?

Told ya it was just an 'oversight' (the sycophants in the media will exclaim breathlessly and with relief)

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I remember the Diamond Princess.


Slowly at first, then all of a sudden.
Workerbee23 197 posts, incept 2021-09-15
2023-01-16 11:32:09

Any chance this is the beginning of the internal takedown of jb? The randomness of finding various documents basically all over the place seems a little TOO random. Why would anyone even look?
Smells odd.

And speaking of smells - what's with the hideous, turd looking monument of/to MLK that was just unveiled.

I mean, it's awful on so many levels.
Wearedoomed 4k posts, incept 2009-01-14
2023-01-16 11:43:16

Shiiiiiiiiiiiit.


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Being successful is like being the Homecoming Queen. All the ugly bitches hate you.
- Charles Barkley
Shadowmask 4k posts, incept 2021-05-24
2023-01-16 11:49:27

Ok, TF homies, is Cameltoe better or worse than Pedojoe?
smiley

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Sportsball Team A: 3 Sportsball Team B: 3
Clot Shot: 0
Veeger 1k posts, incept 2013-02-13
2023-01-16 11:59:28

She's run by the same folks. Just a bit more cringe but Meet the New Boss, same as the Old Boss.

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I remember the Diamond Princess.


Slowly at first, then all of a sudden.
Abelardlindsey 1k posts, incept 2021-03-26
2023-01-16 11:59:32

I think the democrats are gearing up to dump Biden by next year.

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Its all in the mitochondria
Greenacr 732 posts, incept 2016-03-15
2023-01-16 11:59:39

Seems to me that a run of the mill average special prosecutor out to be all over something like this.

This is just low hanging fruit. Who knows what they will find when they open that can...
Sharps 151 posts, incept 2008-12-15
2023-01-16 11:59:42

@Shadowmask
To quote hc "at this point does it matter "
Tickerguy 192k posts, incept 2007-06-26
2023-01-16 12:01:13

@Greenacr - Yep. It takes no time to nail this one.

If Hunter lied then that's provable too because that sort of cash probably didn't pass hands in $100 bills (it could have, but I bet it didn't) so there's a record somewhere and you go subpoena the banks and its either there or it isn't. Ditto for Joe and Jill.

If you find it and its not in the S-Corps and documented, oh boy, now you got him by the nuts and not just Federal either because the State got fucked out of their income tax as well.

I give this a 50% chance of being a flat-out lie by Hunter, but the fact that he put it on a background check form is plenty of evidence to go after it, never mind that sort of funding claim almost-certainly formed the basis of financial responsibility and capacity for the entity he gave the form to, thus that's fraud as well. That might be beyond the statute of limitations at this point -- depends on the State. In many states financial frauds have statutes of limitations for financial matters that are a LOT longer than you'd think -- often 5+ years and sometimes more.

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The difference between "kill" and "murder" is that murder, as a subset of kill, is undeserved by the deceased.

Whitehat 11k posts, incept 2017-06-27
2023-01-16 12:59:42

Yes, it is obvious corruption, however ordinary income from renting a property does not require that the property be titled to the S-corp through which the income is passed. It is actually inadvisable.

As long as all expenses and income are properly accounted for in the corp, everything is legal.

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smiley Je souhaite

Quod tu es, ego fui, quod ego sum, tu eris
Thelazer 1k posts, incept 2009-05-11
2023-01-16 12:59:50

To Qoute You Know Who... "At this point, what difference does it make?"
Indianarube 1k posts, incept 2020-03-22
2023-01-16 12:59:54

I remember Illinois Senator Everett Dirksen dying and they discovered shoeboxes full of cash in his closet when it was cleared out. It is possible that in today's world he could have been giving his "rent" money in cash, but not very likely.
Tickerguy 192k posts, incept 2007-06-26
2023-01-16 13:01:11

@Whitehat then let's see the Sub-S's books. Either the cash flows are there or they're not.

But if the S-Corp was set up for the explicit purpose of funneling funds "undisclosed" as to purpose from Hunter to Joe then that DOES count as indicating scienter if the source was illegal.

The problem with doing something like this is that while there are plenty of bog-ordinary reasons for it that goes up in smoke FAST when someone is paying 10x the reasonable rent for a comparable place.

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The difference between "kill" and "murder" is that murder, as a subset of kill, is undeserved by the deceased.

Sundance 30 posts, incept 2017-07-29
2023-01-16 13:08:49

Money laundering. Straight up. Probably been doing it so long they started getting sloppy.
Tickerguy 192k posts, incept 2007-06-26
2023-01-16 13:12:55

Quite possibly @Sundance.

But was it? Well, that's easy -- give me the books for those two S-Corps and it'll be obvious within about 5 minutes of going through the cash statement (and given the annual run rate disclosed in the tax returns they could be and likely are on cash accounting) whether it was in fact declared and tax paid will be obvious.

So will whether there was evident and lawful purpose to the S-corp in the first place. If its only actual and substantial cash flow is to process a 10x above-market-rate payment for "rent" from Hunter through to Joe and Jill while THAT is not illegal (taxes were paid) the underlying transactions that generated the cash flow from Hunter in the first place might well be illegal AND that sort of structure implicates both Joe and Jill as accessories before and after the fact if it was, dropping liability square on their head as the only reason the entity exists is to launder the funds.

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The difference between "kill" and "murder" is that murder, as a subset of kill, is undeserved by the deceased.
Dingleberry 621 posts, incept 2011-11-06
2023-01-16 13:27:53

Strange how a crack head and whore monger, with zero business or industry experience, somehow got those lucrative board positions. Hmm.......

And a laptop delivered (literally) into the laps of the FBI and DOJ, which apparently showed all manner of grift at the highest levels. But nary a peep, either from them or our esteemed "media".

Will Durham come out of mothballs to fix this "investigation" too, if needed?

I do not believe in coincidences. I know better. Classified info mishandled (from years ago) and now possible tax problems? Trump was under the gun for both recently.

Now Brandon is too. Why?

I suspect TPTB want Brandon dumped before the next election. Maybe he didn't take the hint?

If the media goes from demcrap guard dog to attack dog......then you will know. They got their marching orders from on high.



Jpg 828 posts, incept 2009-03-23
2023-01-16 13:32:47

Tickerguy wrote..
...Joe and Jill got $600,000 worth of undeclared income and didn't pay taxes on it ...

That sort of thing is what led to Gerald Ford becoming VP.
Tickerguy 192k posts, incept 2007-06-26
2023-01-16 13:32:57

Uh, yep @Jpg.

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The difference between "kill" and "murder" is that murder, as a subset of kill, is undeserved by the deceased.
Ocdawg 418 posts, incept 2019-03-14
2023-01-16 13:53:49

If you drop a frog in boiling water it jumps right out. But put one in a pot and slowly heat it up...

KD, based on the history of Joey Shit Pants and Crackhead Jr, where on the scale do you an alien just landing on earth would think things are at? <slight sarc>

smileysmileysmileysmiley

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"When you're born into this world, you're given a ticket to the freak show. If you're born in America you get a front row seat."- George Carlin
USA= smiley
Tickerguy 192k posts, incept 2007-06-26
2023-01-16 13:54:29

Oh were I such an alien I'd probably do this...


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The difference between "kill" and "murder" is that murder, as a subset of kill, is undeserved by the deceased.
Ocdawg 418 posts, incept 2019-03-14
2023-01-16 14:03:50

KD... LOL.. my former signature!!!!

smileysmileysmiley

OT- Joey's "speech" this morning (MLK) was HORRIFIC... cough is back too and worse... Dems may not have to do anything at the rate his deterioration is advancing...

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"When you're born into this world, you're given a ticket to the freak show. If you're born in America you get a front row seat."- George Carlin
USA= smiley
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