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Author Topic: Roy Moore failed to disclose $540,000 promissory note to IRS when he filed his Senate candidacy: Report  (Read 1337 times)

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Offline kevindavis007

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Roy Moore failed to disclose $540,000 promissory note to IRS when he filed his Senate candidacy: Report
« on: October 21, 2017, 12:07:36 pm »
Alabama Senate candidate Roy Moore is facing legal trouble after it was revealed he failed to disclose a $540,000 promissory note from his charity to the Internal Revenue Service when he filed his candidacy.


Now, the Campaign Legal Center is asking for an investigation into the Alabama Republican, according to a filed complaint obtained by the Washington Examiner.


According to the documents provided in the complaint, Moore reportedly worked part-time at the foundation which he founded. Between 2007 and 2012, he racked up a total of $540,000 in back pay compensation, which he failed to disclose on his amended Senate Financial Disclosure Report.

Excerpted by Mod2

Source: http://www.washingtonexaminer.com/roy-moore-failed-to-disclose-540000-promissory-note-to-irs-when-he-filed-his-senate-candidacy-report/article/2638235
« Last Edit: October 22, 2017, 05:25:40 pm by Mod2 »
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Offline TomSea

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Re: Roy Moore failed to disclose $540,000 promissory note to IRS when he filed his Senate candidacy: Report
« Reply #1 on: October 21, 2017, 02:07:21 pm »
This may be a nothing story. Posted also on the forum.

http://www.gopbriefingroom.com/index.php/topic,286966.0.html

National news.

Quote
Now Washington Post misfires in attack on Roy Moore? Accuses Senate candidate of failing to pay taxes ... on money he wasn't paid
« on: Today at 07:21:47 AM »

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Offline kevindavis007

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Re: Roy Moore failed to disclose $540,000 promissory note to IRS when he filed his Senate candidacy: Report
« Reply #2 on: October 21, 2017, 02:18:43 pm »
Quote from: TomSea on October 21, 2017, 02:07:21 pm
This may be a nothing story. Posted also on the forum.

http://www.gopbriefingroom.com/index.php/topic,286966.0.html

National news.


Why should I believe anything from Worldnutdaily?
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Offline skeeter

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Re: Roy Moore failed to disclose $540,000 promissory note to IRS when he filed his Senate candidacy: Report
« Reply #3 on: October 21, 2017, 02:41:59 pm »
Quote from: kevindavis on October 21, 2017, 02:18:43 pm

Why should I believe anything from Worldnutdaily?

The WND story merely reflects what you posted from the Examiner.

They are charging Moore with not paying taxes on income promised but not yet received.
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Offline TomSea

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Re: Roy Moore failed to disclose $540,000 promissory note to IRS when he filed his Senate candidacy: Report
« Reply #4 on: October 21, 2017, 02:45:23 pm »
Quote from: kevindavis on October 21, 2017, 02:18:43 pm

Why should I believe anything from Worldnutdaily?

Attack the messenger if that is necessary. World Nut Daily is so 2008.
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Offline Smokin Joe

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Re: Roy Moore failed to disclose $540,000 promissory note to IRS when he filed his Senate candidacy: Report
« Reply #5 on: October 21, 2017, 06:19:43 pm »
Quote from: skeeter on October 21, 2017, 02:41:59 pm
The WND story merely reflects what you posted from the Examiner.

They are charging Moore with not paying taxes on income promised but not yet received.
Exactly. Pay 240K on money you haven't received? Who would/could do that? It would be like you paying taxes on next year's salary this year.
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Offline kevindavis007

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Re: Roy Moore failed to disclose $540,000 promissory note to IRS when he filed his Senate candidacy: Report
« Reply #6 on: October 22, 2017, 02:42:44 pm »
 The IRS considers income received the moment that you are able to collect it without restrictions. This is not a capital gain situation as the agreement with the charity does not involve any security instruments. To be taxable, the income does not need to be deposited into your account, it simply needs to be made available to you without restriction. Based on the information in the story, that appears to be the case. If the information is true, Mr. Moore had constructive receipt and should be taxed on the income.
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Offline Cyber Liberty

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Re: Roy Moore failed to disclose $540,000 promissory note to IRS when he filed his Senate candidacy: Report
« Reply #7 on: October 22, 2017, 05:22:38 pm »
Sounds like the best way to nip all these accusations of Judge Moore's corruption in the bud is to simply elect Doug Jones in December.  Judge Moore problem solved.
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Online Bigun

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Re: Roy Moore failed to disclose $540,000 promissory note to IRS when he filed his Senate candidacy: Report
« Reply #8 on: October 22, 2017, 05:39:22 pm »
Quote from: Cyber Liberty on October 22, 2017, 05:22:38 pm
Sounds like the best way to nip all these accusations of Judge Moore's corruption in the bud is to simply elect Doug Jones in December.  Judge Moore problem solved.

And THAT is exactly where the press is trying to drive this train!
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Offline Right_in_Virginia

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Re: Roy Moore failed to disclose $540,000 promissory note to IRS when he filed his Senate candidacy: Report
« Reply #9 on: October 22, 2017, 05:45:50 pm »
Quote from: Bigun on October 22, 2017, 05:39:22 pm
And THAT is exactly where the press is trying to drive this train!

It doesn't seem to be working .... polls have Moore up by 11 points.  My big fear is Republicans will become complacent.
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Online Bigun

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Re: Roy Moore failed to disclose $540,000 promissory note to IRS when he filed his Senate candidacy: Report
« Reply #10 on: October 22, 2017, 05:52:29 pm »
Quote from: Right_in_Virginia on October 22, 2017, 05:45:50 pm
It doesn't seem to be working .... polls have Moore up by 11 points.  My big fear is Republicans will become complacent.

The people of Alabama KNOW Roy Moore!  He is not an unknown to them in any shape, form, or fashion! But none of that is going to stop the MSM and the Swamp from trying to kill him!  Politically speaking of course.
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Online Bigun

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Re: Roy Moore failed to disclose $540,000 promissory note to IRS when he filed his Senate candidacy: Report
« Reply #11 on: October 22, 2017, 05:54:12 pm »
 I would die a happy man if we had 50 Roy Moore types and 50 Ted Cruz types in the US Senate.
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Offline Right_in_Virginia

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Re: Roy Moore failed to disclose $540,000 promissory note to IRS when he filed his Senate candidacy: Report
« Reply #12 on: October 22, 2017, 06:06:22 pm »
Quote from: Bigun on October 22, 2017, 05:52:29 pm
The people of Alabama KNOW Roy Moore!  He is not an unknown to them in any shape, form, or fashion! But none of that is going to stop the MSM and the Swamp from trying to kill him!  Politically speaking of course.

The MSM swamp things do seem to be losing some of their power!   :thumbsup:
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Offline ABX

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Re: Roy Moore failed to disclose $540,000 promissory note to IRS when he filed his Senate candidacy: Report
« Reply #13 on: October 22, 2017, 06:14:36 pm »
Quote from: TomSea on October 21, 2017, 02:07:21 pm
This may be a nothing story. Posted also on the forum.

http://www.gopbriefingroom.com/index.php/topic,286966.0.html

National news.

WND aside, this one is a bit of a stretch. The so-called promissory note is an estimate of income but if income isn't received, there would be no taxes due. In many positions, you are required to file an estimate quarterly then reconcile that when you receive payment.

IE, there is nothing to report. So they are faulting him for not reporting something that didn't exist.
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Re: Roy Moore failed to disclose $540,000 promissory note to IRS when he filed his Senate candidacy: Report
« Reply #14 on: October 22, 2017, 06:22:03 pm »
Quote from: AbaraXas on October 22, 2017, 06:14:36 pm
WND aside, this one is a bit of a stretch. The so-called promissory note is an estimate of income but if income isn't received, there would be no taxes due. In many positions, you are required to file an estimate quarterly then reconcile that when you receive payment.

IE, there is nothing to report. So they are faulting him for not reporting something that didn't exist.

As I've said already several times, it doesn't matter.  If they can't dig up something on him they will manufacture something.  And, in the end, they will STILL fail!

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- J. R. R. Tolkien

Oceander

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Re: Roy Moore failed to disclose $540,000 promissory note to IRS when he filed his Senate candidacy: Report
« Reply #15 on: October 22, 2017, 06:26:47 pm »
Quote from: Smokin Joe on October 21, 2017, 06:19:43 pm
Exactly. Pay 240K on money you haven't received? Who would/could do that? It would be like you paying taxes on next year's salary this year.

Partners in partnerships do it all the time.  As do accrual basis taxpayers. 
« Last Edit: October 22, 2017, 06:27:30 pm by Oceander »
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Offline truth_seeker

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Re: Roy Moore failed to disclose $540,000 promissory note to IRS when he filed his Senate candidacy: Report
« Reply #16 on: October 22, 2017, 06:46:41 pm »
Couldn't we have a definitive explanation, from a tax attorney or tax accountant?

I happen to be neither, but a promissory note (or equivalent) is only taxable when income is "realized."

Example #1: Real Estate Installment Sale. Only taxed when periodic installments are received.

Example #2: Promissory note for income payments, as in stock options only taxed when exercised.
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