Word: lindseyism
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...Clintons could not have simply made an honest mistake, McDougal said, "You don't make a mistake for eight years running or whatever it was. Year after year after year, and you're a lawyer? . . . Oh, yes, she knew what was going on." Speaking for the Clintons, Lindsey replied, "That's absolutely not true. They were entitled to all the tax deductions that they took...
...TIME that Lyons also counted, as a contribution to Whitewater and thus an eventual loss to the Clintons, a check for $20,744.65 that actually represented repayment by Bill Clinton of a personal loan. The loan, says McDougal, was for campaign expenses and had nothing to do with Whitewater. Lindsey insists the loan payment was Whitewater-related but says he does not know exactly how the proceeds were used...
White House adviser Lindsey now says the Clintons paid, and deducted from their federally taxable income, "about $10,000" of interest in 1978. Records examined by TIME, however, indicate that the banks received at most $5,752 in interest that year. So how could the Clintons have claimed they alone paid $10,000, even if they paid the McDougals' half-share as well as their own? Frank Burge, who was then chief lending officer for Citizens Bank, says he cannot explain...
...says Lindsey, the Clintons paid, and deducted, "about $12,000" in interest. That is a more believable figure, given that records indicate the banks took in $20,302. Even so, the two-year figures show the Clintons' claiming payments of about $22,000, or far more than a half-share -- in fact, more than 84% -- of the roughly $26,000 the banks received...
There are also a clutch of questions centering on the transfer of the land into Whitewater. The White House is vague about the basis on which that was done; Lindsey says he has been told the transfer was not taxable but knows no details. Another lawyer whom Lindsey consults on Whitewater says he thinks it was a nontaxable "351 transfer" (the reference is to a section of the tax code), but he adds, "Well, I mean, nobody knows." In any case, Lindsey declines to provide the Whitewater tax returns, which would settle the question...