Word: mcdougall
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...McDougal further asserts that while "Bill was totally oblivious to money," Hillary was "grasping" in her approach, and took tax deductions to which she knew the couple was not entitled. Referring to the $13,500 in Whitewater- related interest payments that he concedes the Clintons paid for 1978-80, McDougal says, "Those were legitimate write-offs on their returns. Everything after that was not." Asked why the 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...
...problems only begin there, though. Tax experts such as Tom Ochsenschlager, a partner at the accounting firm Grant Thornton, say it would be improper if the Clintons took a deduction in 1980 for any reimbursement of interest paid by McDougal in an earlier year...
...Further, McDougal in an interview insists the $13,350 of interest paid (or reimbursed) in 1980 was the only cash of their own that the Clintons put into Whitewater. Ever? Yes, says McDougal: "Those two figures I've given you, those interest payments -- that's it. Period. End of discussion." If he is correct -- and the White House fiercely disputes him -- that would mean the Clintons could not possibly have lost anything like the $68,900 they say they invested in Whitewater, since they put less than a fifth that much into...
...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 is nowhere visible...
...case, tax stamps indicate that when Whitewater took over the land, it raised the stated value of the acreage to $250,000, from the $203,000 the Clintons and McDougals had paid to buy it. Federal law permits capital-gains . taxes on the $47,000 increase to be deferred until the property or corporate stock is sold, or even to be eliminated if the increase in stated value reflects some actual costs incurred by the corporation. McDougal and his lawyer Sam Heuer say Whitewater did in fact add to the purchase price a portion of the $40,000 McDougal eventually...