Manafort had $16.5 million in unreported income, court told

[babylonsister]

Posted on Thu, Aug 9th, 2018 by Reuters
Manafort had $16.5 million in unreported income, court told
By Sarah N. Lynch, Nathan Layne and Karen Freifeld


ALEXANDRIA, Va. (Reuters) – President Donald Trump’s former campaign chairman Paul Manafort, who is on trial on tax and bank fraud charges, had $16.5 million in unreported taxable business income between 2010 and 2014, a U.S. Internal Revenue Service agent testified on Wednesday.

IRS agent Michael Welch told a jury that Manafort’s unreported income includes foreign wire transfers to U.S. vendors like landscapers and clothiers, wire transfers to buy property, and income improperly reclassified as loans.

Welch’s testimony came as prosecutors sought to refocus the courtroom’s attention on Manafort’s alleged financial crimes after his defense attorneys spent hours trying to undermine the credibility of their star witness, former Manafort business partner Rick Gates.

Welch said he arrived at the $16.5 million figure based on an accounting method used by Manafort.

During his review, he said, he discovered that many of the foreign wire transfers did not appear on general ledgers for Manafort’s political consultancy and therefore, “I was not able to trace it into the tax return.”

more...

https://www.politicususa.com/2018/08/09/manafort-had-16-5-million-in-unreported-income-court-told.html

[gratuitous]

1. And now back to the evidence

All the reporters got a good giggle and lots of tingly feelings from Gates' testimony, but this is where the case against Manafort actually gets proven: All of this money flowing in, out and round about wasn't reported or declared by Manafort, and the IRS and the forensic accountants had to piece it together from disparate sources intended to cover up the reality that Manafort was defrauding banks and chiseling on his taxes.

[babylonsister]

2. That might prove to be the case for dt

once we hear about his tax returns. Waiting impatiently... Who in their right minds would not think him guilty for hiding so much money?