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Chainfire

(17,757 posts)

30. Not a "gift" but payment for services rendererd.

Reply to Old Crank (Original post)

Fri Apr 7, 2023, 11:26 AM

Apr 2023

Billionaires don't become billionaires by giving money away to their friends. It is only reasonable to believe that if you "Friend" was giving you extremely valuable "gifts" that the "friend's" interests would be considered in a legal decision that might affect him. Of course, knowing and proving are two different things, especially when you are one of the most powerful men in the nation.

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Can Clarence Thomas be charged with tax evasion? [View all] Old Crank Apr 2023 OP

I hope so! 2naSalit Apr 2023 #1

The Giver pays the taxes NOT the receiver Farmer-Rick Apr 2023 #17

The IRS on gifts and taxation bucolic_frolic Apr 2023 #2

On bribes markodochartaigh Apr 2023 #15

The IRS will charge Clarence with tax evasion gab13by13 Apr 2023 #3

Are you suggesting gifts are taxable to the recipient? onenote Apr 2023 #12

Oh, thank god Farmer-Rick Apr 2023 #19

I've read the Internal Revenue Service (IRS) has the authority to conduct a criminal investigation ancianita Apr 2023 #18

Gifts up to $16000/yr aren't taxable and donor is responsible for gift taxes under IRS rules wishstar Apr 2023 #4

Also - gifts aren't valued at what they would cost to purchase FBaggins Apr 2023 #7

Gift taxes are paid by the giver, not the recipient FBaggins Apr 2023 #5

Yea. I look at this as bluestarone Apr 2023 #26

Absolutely. RocRizzo55 Apr 2023 #6

And like everyone else, he's not responsible for taxes on gifts he receives. onenote Apr 2023 #11

Up to $16,000 Mysterian Apr 2023 #13

after $16,000 the gift giver pays the tax. There is also a lifetime limit Hamlette Apr 2023 #22

Ooops! My bad Mysterian Apr 2023 #28

Gifts ARE non-income, by definition. Ms. Toad Apr 2023 #33

Right Zeitghost Apr 2023 #34

Right Mysterian Apr 2023 #38

No, my statement is correct. Yours is incorrect. onenote Apr 2023 #25

You're right! Mysterian Apr 2023 #27

I was answering the OP. RocRizzo55 Apr 2023 #14

26 USC 4941 Whatever Whatever Apr 2023 #32

Welcome to DU! KS Toronado Apr 2023 #37

welcome to DU gopiscrap May 2023 #39

Nope. progressoid Apr 2023 #8

There usually is when someone has shady ethics dlk Apr 2023 #9

Which is another reason the republicans are fighting the increase of IRS agents The Jungle 1 Apr 2023 #10

Yup, but if you fail to catch one of their Farmer-Rick Apr 2023 #20

Well what about Ginny's $600k that someone gave her and she dispersed to Proud Boys and used flying_wahini Apr 2023 #16

Yeah, that sounds more like an exchange for services Farmer-Rick Apr 2023 #21

under your theory, if my friend invites me to her house for dinner I'd owe taxes? Hamlette Apr 2023 #23

Clarence Thomas, face a legal penalty? PERISH THE THOUGHT! Paladin Apr 2023 #24

I will not be holding my breath... Chainfire Apr 2023 #29

Not a "gift" but payment for services rendererd. Chainfire Apr 2023 #30

So Thomas wasn't paid for something he did? LiberalFighter Apr 2023 #31

Why no JanLip Apr 2023 #35

This should be a question with a yes or no answer. elocs Apr 2023 #36