Word: profit
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Dates: during 1980-1989
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...violation; to repay the loan, Ferraro arranged through her husband to sell her share of a Manhattan building. The property was bought by a middleman, then repurchased by Zaccaro?a curious transaction resulting from Zaccaro's apparent ignorance of campaign finance laws. Then the couple miscalculated their profit on the deal and ended by owing the IRS $29,709 in back taxes plus interest of $23,750 (see following story...
...Ferraro $100,000 in cash for her share. In purchasing her interest, Lerman took over Ferraro's share of the mortgage, relieving her of a $62,300 liability. Thus Lerman had in effect paid $162,300 for Ferraro's holding, meaning that she realized a profit of $74,550, or 85%, in just five months...
...property directly without going through Lerman, but "because of the recent FEC experience it did not occur to him." Again, for such a transaction to be legal it would have to be an arm's-length, market-value deal. In view of Ferraro's whopping profit after just five months, it is not entirely certain that the sale and repurchase met this standard...
When Ferraro and Zaccaro filed their last joint tax return in April 1979 (they have since filed separately), they substantially underestimated the profit on the building sale. They listed the original purchase price as $90,311, which was accurate enough ($87,750 plus $2,561 in closing costs). But they said the building was sold for $96,500, for a capital gain of only $6,189. This ignored the fact that Lerman had assumed her $62,300 mortgage. Accountants from Arthur Young & Co., recently hired by Ferraro to review her finances, discovered the omission almost at once. It meant that...
...what he had to say at a hastily called Los Angeles press conference contrasted sharply with his relaxed appearance. Under pressure from the Securities and Exchange Commission, Knapp explained, F.C.A. was adjusting its earnings report to show a second-quarter loss of $107.5 million instead of the $31.1 million profit announced earlier. The dispute with the SEC was a technical argument concerning the manner in which the company reported sales of Government mortgage securities...