More Than Just a Boneheaded Mistake

by: Caro

Sun Aug 10, 2008 at 15:08:00 PM EDT

So you thought the problem of Barack and Michelle Obamas' 2005 mansion purchase was dead and buried.  Well, not any more.  A reader of my website who is a tax accountant of many years, one who specializes in criminal matters, says he believes the Obamas have a tax problem.

Simply put, the allocation of purchase price between the Obamas' lot and the lot next door, which were both owned by the same couple and had long been sold together, makes no sense unless the amount paid for the lot adjoining the Obamas', by the wife of now convicted political fixer Tony Rezko, was specifically meant as a favor to the Obamas, so that they could afford their mansion.  If so, the difference between what Ms. Rezko paid for the side lot and what it was actually worth would be construed by the IRS as income to the Obamas.  After looking at the Obamas' tax return for 2005, my source was able to say that in his opinion they did not declare any such income, and therefore did not pay taxes on it.

Barack Obama once called the house purchase a boneheaded mistake, but my source believes it is worse than that.  Much worse. If Barack Obama were to attain the White House, this problem could be devastating for the Democratic Party, says my source.  That is why he wants this information made public now.

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Carolyn Kay
MakeThemAccountable.com