Good Article on Harry Reid issue-There was no sale and so no issue

[Gothmog]

I was pleased to see that Senator Harry Reid filed an amended disclosure form but I agree that this was not necessary. The contribution of property to a limited liability company is not a taxable event and is not a sale. The whole premise of the smear job on Senator Reid is that he sold the property to the LLC and therefore violated the Senate disclosure requirements. The tansfer to a LLC is NOT a sale.

Here is a good article on this issue. http://newsblogs.chicagotribune.com/news_theswamp/2006/10/sen_harry_reid_.html
One of the key things to remember is that if there is no sale then there is no violation of a duty to disclose.