Word: mcdougals
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...McDougal might have added that you can't take a deduction for everything you do pay--only for payments of interest and legitimate business expenses. Yet, in a pattern that would continue, the Clintons deducted $10,131 on their 1978 tax returns, describing it as an itemized interest expense, to shelter some of the commodities profits. The Clintons had written a personal check in this amount to the McDougals' Great Southern Land Co. on Dec. 28, and the payment was reflected in the Whitewater accounting ledger as an "adjusting entry." But Whitewater apparently didn't pay anywhere near that much...
While the 1978 deduction might be characterized as a misunderstanding, the Clintons were even more aggressive in 1979. They made Whitewater payments totaling $12,490 that year and deducted all but $500 of it as itemized interest expenses described as "bank loans" and "Jim McDougal." Of their payments, $2,900 consisted of an advance and paid-in capital, which would not be deductible. Another payment of $4,600 went to Great Southern Land Co., ostensibly for reimbursement of interest payments. (The Clintons' 1979 tax return was audited by the irs and was approved without change, indicating that the agency accepted...
...SUMMER OF 1980 UNFOLDED AND THE DATE OF ANOTHER interest payment drew closer, Whitewater lot sales came to a halt. Meanwhile, McDougal soured on his job in the Clinton administration. Faced with some legislative setbacks, Bill seemed dispirited; as Hillary explained it to press secretary Julie Baldridge, "If I didn't kick Bill Clinton's ass every day, he wouldn't be worth anything." McDougal began to have his own run-ins with Hillary, so he quit...
...another loan in his own name to retire the $20,000 Union Bank loan that he and Bill had borrowed to make the Whitewater down payment. In late summer of 1980, however, the actual mortgage from Citizens Bank had to be retired or refinanced, and the bank insisted that McDougal and Clinton pay down 10% of the outstanding principal and agree to a regular repayment schedule to retire the principal. The Clintons paid $9,000 in principal and $4,350 in interest. As they had in the past, the Clintons deducted all the payments on their 1980 tax returns, including...
...help spur sales, the McDougals convinced the Clintons that a model home should be built on the property. McDougal arranged the purchase of an exceedingly modest two-bedroom prefabricated house for a little over $20,000; installation on Lot 13 brought the costs to over $28,000. Whitewater had its first home...