Why Donald Trump buying $12K of Tebow gear could potentially be an IRS violation [View all]

[Eugene]

Source: CBS Sports

Why Donald Trump buying $12K of Tebow gear could potentially be an IRS violation

by Will Brinson
5h ago

Donald Trump, the presumptive Republican nominee, has many tremendous friends. Tom Brady of the Patriots is a tremendous friend. And maybe Tim Tebow is a tremendous friend too, because The Donald spent, according to the Washington Post, $12,000 of his foundation's money on a Tebow Broncos helmet and jersey several years ago.

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Fast forward to today and the Washington Post digging through Trump's charitable giving history. What the newspaper found was Trump paid the Komen through another non-profit organization, the Donald J. Trump Foundation. Which, depending on what Trump did with the helmet and jersey, could be considered an IRS violation.

Afterward, three experts on tax law questioned whether Trump had violated IRS rules against "self-dealing" -- which are designed to keep nonprofit officials from using their charities to help themselves.

Those rules ban the "furnishing of goods" by private foundations -- like Trump's -- to their own officers. If the rule is broken, the person who breaks it must notify the IRS and may have to pay a tax penalty. There could also be penalties for signing a tax return that failed to mention the violation. In 2012, the tax return for Trump's foundation checked the boxes for "no," it did not break the self-dealing rule.

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Read more: http://www.cbssports.com/nfl/news/why-donald-trump-buying-12k-of-tebow-gear-could-potentially-be-an-irs-violation/

From the WaPo: Donald Trump used money donated for charity to buy himself a Tim Tebow-signed football helmet