Word: lindseyism
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...experts contend that if Whitewater assumed the mortgage loan on the property, then only the corporation, not its individual owners, could deduct any subsequent interest payments. In some cases, that tax consequence could be avoided through a device called a "mirror loan" or a "back-to-back loan"; Lindsey says he thinks the Clintons used such an arrangement but is not sure. Partner McDougal, however, says he never heard of any such thing. Experts consulted by TIME assert that if there were such a loan arrangement, it should have left a paper trail on the Clintons' tax returns that...
...Capitalizing" interest in this way is perfectly proper. But in the opinion of tax experts consulted by TIME, the same interest cannot also be deducted by the individuals owning the corporation. Lindsey's figures at least raise a question whether the Clintons did such double dipping...
...counter-argument from Lindsey and other Clinton aides rests heavily on tax-law technicalities, flat contradictions of McDougal and hypotheses on what probably happened -- suggesting that the First Couple have not kept the aides who try to defend them well informed. Fundamentally, though, they insist all the deductions were legal and proper...
...Lindsey, for example, says he has hard evidence that the Clintons really did pay about $10,000 interest in 1978 and about $12,000 in 1979 and that the evidence consists of checks. Why so much more than their half-share? Well, say White House advisers, maybe the Clintons paid a greater share of the mortgage interest because the McDougals paid for all the roads and other improvements. McDougal says there was no such arrangement. And some tax experts suggest that if there had been, the Internal Revenue Service might look askance at a deal that gave one party most...
McDougal's insistence that the Clintons put only $13,350 into Whitewater? ^ He is "just wrong," says Lindsey. McDougal's memory is in fact questionable: he admits to undergoing treatment for severe manic-depression after he was ousted from Madison Guaranty...