TaxProf Blog

Editor: Paul L. Caron
Pepperdine University School of Law

A Member of the Law Professor Blogs Network

Thursday, September 18, 2008

More Rangel Tax Troubles: Untaxed Free Parking

Continuing our coverage of House Ways & Means Committee Chair Charles Rangel's tax troubles (here, here, here, and here):  the New York Post reports today, Big Wheel Benz the Rules:  Rangel's Illegal Free Parking May Be New Tax Woe, by Daphne Retter:

Rep. Charles Rangel has been using a House of Representatives parking garage for years as free storage space for his old Mercedes-Benz --a violation of congressional rules and a potential new tax woe for the embattled lawmaker ...  House rules forbid use of the garage for long-term storage more than 45 days - and congressional aides told The Post that Rangel's car has been sitting there for years. ...

A House Web site on parking regulations informs anyone with a space that, under IRS regulations, the benefit of the free parking is considered "imputed income" and must be declared to the government. The spaces are valued by the House at $290 per month, the site says -- about the monthly cost of leasing a space in a private DC-area garage. If the car has been in that space since its license plates were surrendered four years ago, the imputed income would be nearly $5,000.

See also Newsday, NY1.

http://taxprof.typepad.com/taxprof_blog/2008/09/more-rangel-tax.html

News | Permalink

TrackBack URL for this entry:

http://www.typepad.com/services/trackback/6a00d8341c4eab53ef010534af10ce970b

Listed below are links to weblogs that reference More Rangel Tax Troubles: Untaxed Free Parking:

Comments