Sale of Political Office

[Koss]

If Rod Blagojevich had successfully completed the sale of Obama's vacant seat in the US Senate, would the proceeds have been reported on Schedule D, or Form 4797?

And what would have been the basis?



And what about the buyer?

Would the buyer have been permitted to depreciate it? Over what period? The remaining amount of time left in the term?



BMK

[appelman]

As Anatole France wrote:

"To know is nothing at all;
To imagine is everything!"

[JohnH]

What about all the people who have already invested heavily in the governor. Now that he's headed for the slammer, can THEY write off their investment as worthless?

It's clear this country has some of the best politicians money can buy. So we really need some tax equity in this business of buying and sellng politicians. It's a booming industry and there do need to be some guidelines.

[DaveO]

I would say it belongs on a "C". Since he is selling assess to himself and his particular ability to appoint the new office holder. Not unlike a "lady of the evening" sells access to her umm special talents. I put Rod in the same category.

If he thinks the sentence for the corruption was severe just wait till they sentence him for that haircut!

[JohnH]

I would say it belongs on a "C". Since he is selling assess to himself and his particular ability to appoint the new office holder. Not unlike a "lady of the evening" sells access to her umm special talents. I put Rod in the same category.

If he thinks the sentence for the corruption was severe just wait till they sentence him for that haircut!

Now hold on there!
You insulted every "lady of the evening" in the country by putting them in the same category as politicians.
Show a little sensitivity here.