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| Loans to 2009 Mason Team for One Hoboken: All is forgiven. |
You're welcome!
That's a lot of forgiveness- better late than never! What about 2011?
Election day was May 10, 2011, but from the looks of things, the campaign never ended...
This spreadsheet shows the cash flow in and out of Mason's 2011 campaign coffers, from the first report filed on May 2, 2011 until the last, on July 28, 2014.
Woooosh and swoosh!
Last May GA pointed out a couple of facts about the timing and expenditures by this campaign after the May 10, 2011 election --as reported to ELEC.
Remember this?
Wow, look at all of that cash Councilwoman Mason gave "in-kind" to Cutting Edge Communications, up until 2014.
It looks like the state revoked Cutting Edge Communications LLC on July 16, 2012?
So if Cutting Edge has not "existed" as a business entity since 2012, where was all of this money going, and for what?
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How can this be legal? And if through some slimy loophole it is technically legal, it's certainly amoral. Don't ELEC look into this type of things? Maybe Perry Belfiore can write them a complaint letter.
ReplyDeleteFor regular people, forgiveness of debt is a taxable event. All debt forgiveness is taxed as ordinary income. Making loans from your personal account to your personal m"non-profit" then forgiving the loans is a clever little way to shelter the income, since the 501c3 is tax exempt. In any event, I think the IRS will find this paper trail very interesting. Don't forget, the IRS offers 10% of the unpaid tax as a reward to the whistle-blower.
ReplyDeleteWhat a crook! Isn't Richard Mason the treasurer?
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