“Cattle Partnerships, My Boy…THAT’S The Future…”
by PV
Rumors have it that all those tax returns that gubernatorial candidate Roy Barnes posted on his Website may not be entirely accurate as to the TRUE nature of Barnes’ tax liability to the federal and state governments.
According to a blog post by Gary Scott Holt (published on 10/14/2010), for the years 1981 thru 1998, Barnes was involved in several limited partnerships with a guy that ended-up going to prison for tax fraud.
According to that blog post, Barnes stated he was not aware of the fraudulent manipulations of the cow-based limited liability partnerships that one Walter J. Hoyt, III ended-up being prosecuted for and sent to prison, where he died in 2007.
According to this blog post by Holt, by 1998, Barnes owes the IRS a total of $342,012 for the scam Hoyt perpetrated on him and a hundred other “cow-patty partners.”
PV’s Observation: According to Mr. Holt’s post, Barnes denied that he knew of the fraud. Fine. But, as I discovered in my analysis of Barnes’ 2003-2007 Schedule C income tax forms, Barnes apparently still has quite the knack for having his business expenses manipulated in such a way as to never have shown a profit until 2008 and 2009. (That profit is now explained by this debt to the IRS: He HAD to come-up with personal cash to pay the IRS back after he lost the Tax Court challenge to the IRS for a much lower settlement amount.)
Go read this post and look at all the links provided. Pretty significant research has been done.
You may think Deal’s financial situation smells due to the repeated goof-ups by whoever is responsible for filling-out his disclosure forms…BUT, Barnes’ financial situation is starting to smell to High Heaven with all these disclosures of tax issues with the IRS, and how he claims he owns property when he doesn’t.
AND that one property the Savannah Morning News discovered was based on them researching only the 141-page, 21-Meg Tax Year 2009 PDF Tax Return. Who knows how many other holes there are in ownership of depreciated properties there are on Barnes’ other tax returns?
October 27th, 2010 at 10:03 pm
In the U.S. we are facing unsustainable pensions, especially in the public sector. Twenty years ago, the personnel director of a small city, Marietta, Georgia, sent a memorandum to the City Council pointing out that a promise made by politicians years before to provide health insurance for life for anyone who worked for the city for ten years or more and their dependants would, if trends continued, consume 100% of the city’s tax revenue.
October 28th, 2010 at 8:13 am
Help me understand why anyone want this good ‘ol boy back into office. What good could come from it? How could anyone forget his previous years? I.just.don’t.get.it.