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MAR-14-94 MON 10:37 MONEY PROMOTION
P.02
Money
Where American Dreams still come true.
N E W S
Time & Life Building
Rockefeller Center
New York NY 10020
For immediate release:
Monday, March 14, 1994
CLINTONS MAY OWE $45,000 TO THE IRS, MONEY AUDIT REVEALS
Questionable Write-Offs Over 13 Years
An in-depth examination of Bill and Hillary Clinton's federal
income tax returns for the years 1980 through 1992 suggests that the
First Couple may have underpaid their income taxes by $16,358 over
that period--and that their total liability would be $45,411,
including Internal Revenue Service interest charges on the under-
payment, according to a report in the April issue of Money magazine.
Money's nine-week investigation indicates that the Clintons may
have committed "three glaring mistakes": 1) though both are
sophisticated lawyers, they didn't keep adequate records, 2) they
tended to overestimate certain deductions, and 3) they relied far too
much on their tax preparer to get everything right.
The Clintons' questionable write-offs over the 13-year period
Money studied dealt with the couples' charitable contributions;
Bill's business expenses as Arkansas governor; Hillary's automobile
depreciation; and, most important, the Whitewater real estate
development deal that went bad.
(Money notes that because the IRS' statute of limitations on
audits has expired on returns filed before April 15, 1990, the
Clintons would not be legally required to pay most of the $16,358 or
any interest unless fraud was found. In addition, the deadline for
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"ocrText": "MAR-14-94 MON 10:37 MONEY PROMOTION\nP.02\nMoney\nWhere American Dreams still come true.\nN E W S\nTime & Life Building\nRockefeller Center\nNew York NY 10020\nFor immediate release:\nMonday, March 14, 1994\nCLINTONS MAY OWE $45,000 TO THE IRS, MONEY AUDIT REVEALS\nQuestionable Write-Offs Over 13 Years\nAn in-depth examination of Bill and Hillary Clinton's federal\nincome tax returns for the years 1980 through 1992 suggests that the\nFirst Couple may have underpaid their income taxes by $16,358 over\nthat period--and that their total liability would be $45,411,\nincluding Internal Revenue Service interest charges on the under-\npayment, according to a report in the April issue of Money magazine.\nMoney's nine-week investigation indicates that the Clintons may\nhave committed \"three glaring mistakes\": 1) though both are\nsophisticated lawyers, they didn't keep adequate records, 2) they\ntended to overestimate certain deductions, and 3) they relied far too\nmuch on their tax preparer to get everything right.\nThe Clintons' questionable write-offs over the 13-year period\nMoney studied dealt with the couples' charitable contributions;\nBill's business expenses as Arkansas governor; Hillary's automobile\ndepreciation; and, most important, the Whitewater real estate\ndevelopment deal that went bad.\n(Money notes that because the IRS' statute of limitations on\naudits has expired on returns filed before April 15, 1990, the\nClintons would not be legally required to pay most of the $16,358 or\nany interest unless fraud was found. In addition, the deadline for"
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