WoodlandsOwl
Up in the Woods

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I Root For: Rice Owls
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RE: Obama tax returns
RebelKev Wrote:Damn, now I can see why he is so down on on the United States. Hell, how's he supposed to live in a paltry 10K square foot home? Damn this country has been harsh to him. If it weren't for the white devil, it would have been 20K.
"According to documents obtained from the Cook County Register of Deeds, Wright purchased two empty lots in Tinley Park, Ill., from Chicago restaurant chain owner Kenny Lewis for $345,000 in 2004.
Documents show Wright sold the property to his church, Trinity United, in December 2006, with the proceeds going to a living trust shared with his wife, Ramah.
The sale price for the land was just under $308,000, about $40,000 less than Wright’s original purchase two years earlier.
Public records of the sale show Trinity initially obtained a $10 million bank loan to purchase the property and build a new house on the land.
But further investigation with tax and real estate attorneys showed that the church had actually secured a $1.6 million mortgage for the home purchase, and attached a $10 million line of credit, for reasons unspecified in the paperwork.
There is apparently nothing wrong with that, according to non-profit tax expert Jack Siegel of Charity Governance Consulting, who examined public documents FOX News obtained from the Cook County Register of Deeds and the Village of Tinley Park.
“At least looking at it from a public document standpoint, there’s clearly not a problem that jumps out or some sort of wrongdoing,” Siegel said.
Siegel characterizes the transaction as unusual, however, because of the way Wright sold the property to Trinity and the way the deal was financed, with the attached $10 million line of credit."
Wright did not respond to repeated calls for comment, and Trinity United refused to discuss the specifics of the home it is building for him and the way the deal was financed."
 The IRS could have LOTS of fun with this. .  If they are investigating Roger Clemens and Barry Bonds, they can surely spare a couple of agents for this hatemongerer...
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| 03-27-2008 09:16 PM |
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jh
All American

Posts: 3,476
Joined: May 2007
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RE: Obama tax returns
GGniner Wrote:Conservatives give more to Charity than Liberals, so of little suprise.
http://www.abcnews.go.com/2020/Story?id=2682730&page=1
Have you read the book? I'm curious about his methodology (but no so curious to want to read the book myself) & wasn't able to get any additional information off his website.
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| 03-27-2008 10:45 PM |
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