38 Oxley Rd: Charitable tax deduction enough for 6 years’ taxes?

38 Oxley Road was sold to Mr Lee Hsien Yang for an estimated $24 million in December 2015, about six months after the death of our former Prime Minister, Mr Lee Kuan Yew.

The seller of the property donated the entire estimated $24 million sales proceeds to charity, and Mr Lee Hsien Yang donated $12 million (half the sale price) to charity.

Did the seller take a charitable donation tax deduction?

If so, the estimated tax credit is about $13.2 million (2.5 times tax deduction assuming the highest marginal tax rate of 22 per cent).

The seller’s annual salary is reported to be $2.2 million – which would compute to an estimated annual income tax of about $450,000.

So, does it mean that the estimated charitable tax credit of about $13.2 million may be enough to pay for about six years (maximum carry forward of five years) of the seller’ income tax?

 

Leong Sze Hian

 

 

Sponsored Content

13 Responses to “38 Oxley Rd: Charitable tax deduction enough for 6 years’ taxes?”

  • Ah Fah:

    So?

    GD Star Rating
    loading...
  • Crime Fighters:

    Leong Sze Hian,

    in the year 2015, just specially for this year when LKY died, the charitable tax deduction was raised to 300% on the sum donated, not on income. Please check with Inland Revenue.

    This could be the real reason why LHL sold 38 Oxley to LHY.

    After selling the property to LHY in Dec 2015, he formed the secret Minions’ Committee in Early 2016.

    23 March 2015 – LKY died.

    April 2015 – Inland Revenue announced 300% deduction on charitable donation.

    Dec 2015 – LHL sold 38 Oxley to LHY.

    Feb 2016 – Secret Minions Committe formed to get back 38 Oxely from LHY.

    Can see the timeline of events? What does this tell us?

    Double-crossing treacherous con-job at work?

    That is why Dr LWL publicly said he is a bad Pee-M and Dishonourable Conduct?

    A d**honourable man is also d**honourable leader.
    A d**honourable man has a d**honourable woman behind him.
    A d**honourable man has a d**honourable mentor and teacher.
    A d**honourable leader speaks dishonourably.
    A d**honourable acts dishonourably.
    A d**honourable leader uses the laws dishonourably.
    A d**honourable leader leads his minions to become d**honourable.
    A d**honourable leader make use of Organs of State dishonourably.

    In the end the whole party, the whole nation becomes dishonouralbe.

    The name of Singapore becomes DISHONOURABLE!

    China leaders leaders know this very well….. that is why the d**honourable person was not invited to the Belt and Road Initiative Forum in Beijing in May 2017?

    President Xi did not want the whole Forum to be stained by a Dishonouralbe Man?

    GD Star Rating
    loading...
  • Bystander:

    Yea, so snaky and crafty, after selling house to brother, feel not siok, secretly form a Committee to claw it back to support his political standing, without house as Legacy, LHL is nothing, no more a dragon but only a worm in the public eye。
    Even more snaky by taking action only after changing the charity law deduction of 300%。
    Dishonourable son, also a d**honourable brother, fixing own blood sibling lidat。 Kudos to China seeing thru Pinky first, 是 百 分 之 百 的 hypocrite。

    GD Star Rating
    loading...
  • opposition dude:

    Heh heh heh I give you some money for charity and I get back half through rebates. I let everyone know I “gave” all the money to charity but do not mention if I get a rebate ha ha ha.

    Very ingenious hor?

    GD Star Rating
    loading...
  • Justice At Its Worst:

    opposition dude:
    Heh heh heh I give you some money for charity and I get back half through rebates. I let everyone know I “gave” all the money to charity but do not mention if I get a rebate ha ha ha.

    Very ingenious hor?

    WHAT HE GOT BACK OR WILL BE GETTING BACK:

    House sold at $24 million.
    He claimed he donated all proceeds to Charity.
    That means he donated all $24 million.
    Income Tax Deduction of 300% on Donation Amount;
    That means 3 X $24 million = $72 millions.
    He can deduct from his Income Tax, $72 million over many years.
    That means the rest of his life, he needs not pay any income tax?

    How cunning can a d–honourable brother/son/leader be?

    He told his younger brother to donate another 50% on the Sale Price. That means $12 million. Why?
    That means his brother can take back $36 million from Income Tax Deduction.

    Purchase of House = $24 million +
    Donation to Charity = $12 million
    Total Proceeds Equals $36 million.

    Income Tax Deduction = 3 X $12 million = $36 million.

    So, actually his younger brother got the house at ZERO Cost.

    Who actually paid the d–honourable brother/son/leader?
    We, the suckers, taxpayers. Inland Revenue get money from where/who – taxpayers.

    Taxpayers lost a total of $72 million puls $36 million = $108 million

    This is called LEEgalised FRAUD?

    Can you not get angry?

    GD Star Rating
    loading...
  • MarBowling:

    No wonder this Dishourable MF Bugger is able to score triple As in Maths at Cambridge Yew! In this Lee Kayu FAMILEE saga he really used his fiacking acquired SKILL to the maximum…worse than and better than a Ah Neh money lender aka Tai Yee LOONG!

    GD Star Rating
    loading...
  • rukidding:

    Bet you the Naked Emperor won’t want to reveal it cos that’s exactly what he did !

    The richer you are,…the more “scheming” and “kiam siap” they will be !

    Typical character of these group of people !

    They will simply use the “easy tools” they have at hand and “Crush” you !

    One simple example,…they will just ask their Lawyers to sue you..and later if they win,…you pay for their Lawyers fee too !

    If they don’t “win”,…they pay “peanuts” to these Lawyers for a “peanut fee” ( fren mah, regular customer mah ).

    At least,….they managed to “intimate” the “weaker” !

    Thats how they behave !!!!

    You really think these are “Good, Sincere, Honest, with you, for you people” ????

    Wake up lah …they are the worst hypocrites on earth !

    If I was GOD,…i did make all these people SICK with CANCER that cannot be Cured !

    GD Star Rating
    loading...
  • LHL is a crook:

    Justice At Its Worst: WHAT HE GOT BACK OR WILL BE GETTING BACK:

    House sold at $24 million.
    He claimed he donated all proceeds to Charity.
    That means he donated all $24 million.
    Income Tax Deduction of 300% on Donation Amount;
    That means 3 X $24 million = $72 millions.
    He can deduct from his Income Tax, $72 million over many years.
    That means the rest of his life, he needs not pay any income tax?

    How cunning can a d–honourable brother/son/leader be?

    He told his younger brother to donate another 50% on the Sale Price. That means $12 million. Why?
    That means his brother can take back $36 million from Income Tax Deduction.

    Purchase of House = $24 million +
    Donation to Charity = $12 million
    Total Proceeds Equals $36 million.

    Income Tax Deduction = 3 X $12 million = $36 million.

    So, actually his younger brother got the house at ZERO Cost.

    Who actually paid the d–honourable brother/son/leader?
    We, the suckers, taxpayers. Inland Revenue get money from where/who – taxpayers.

    Taxpayers lost a total of $72 million puls $36 million = $108 million

    This is called LEEgalised FRAUD?

    Can you not get angry?

    And through his secret committee LHL still has control of LKY’s house. A big-time crook.

    GD Star Rating
    loading...
  • Bebe:

    Wa lan eh!
    The dafts lose again.
    So both the brothers did not lose at all mah.
    If the gov should gazette the rotten house, stands to gain again!
    KNN, daylight robbery from the state coffers.
    So, the whole saga is actually a big wayang to distract.

    GD Star Rating
    loading...
  • Mad House:

    Greed to the core! Massive Wealth but Rotten Health, so what is the point at the end of life. For good karma returns is to donate all his wealth to charity and return to society, very unlikely though, will be good for his next generations or otherwise.

    GD Star Rating
    loading...
  • Public Transport Voucher:

    … was stopped after GE2015
    with this amount, its enough to give away to needy Sporeans
    afterall .. its only $50.00 for 365days

    GD Star Rating
    loading...
  • 不孝子:

    When someone deliberately omits some important information to mislead the public, he’s no longer fit to be the leader.
    Kindly remember the same words that was said just not too long ago > 上梁不正下梁歪!

    GD Star Rating
    loading...
  • flabbergasted:

    Timeline
    March 2015: LKY died.
    April 2015: Inland Revenue announced 300% deduction on charitable donation.
    Dec 2015: LHL sold 38 Oxley to LHY.
    Feb 2016: Secret Committee formed to get back 38 Oxley from LHY.

    Events:
    1. LHL sold 38 Oxley Road to LHY at $24 million.
    2. LHL donated all the $24 million proceeds to Charity.
    3. Income Tax Deduction of 300% on Donation Amount is allowed under the new law that PM LHL introduced and passed in Parliament quickly. (300% of $24 million = $72 millions.)
    4. LHL, under the new allowable charitable dedication law he passed one month prior to sale of 38 Oxley Road, can now deduct from his Income Tax $72 million over many years.

    Question: Does this mean effectively, for the rest of his life, he doesn’t have to pay any income tax.?

    5. He told his younger brother LHY to donate $12 million to charity: 50% of the sale price of 38 Oxley Road.

    Question: Why?
    Outcome: LHY paid $24 million to LHL and gave $12 million to charity. From LHY’s $12 million donation to charity he is entitled to $36 million Income Tax Deduction (300% of $12 million donation to charity). Total outlay for the purchase of 38 Oxley Road is $36 million. Effectively, LHY didn’t pay a single cent for 38 Oxley Road.

    Question: Who actually paid the sale and purchase of 38 Oxley Road?
    Suckers Singaporean taxpayers. Inland Revenue is supposed to collected $108 million from LHL and LHY as taxes over time. The people of Singapore (Taxpayers) lost a total of $72 million + $36 million = $108 million.

    Question: What did LHL and LHY gain from this whole sleight of hands financial magic trick?
    1. For LHL political capital worth $36 million and $72 million cash. On record he has made charitable donations to the tune of at least $36 million.
    2. For LHY a free freehold property: 38 Oxley Road with a value that is certainly more than just $24 million.

    More Questions:
    1. Did LHL paid SSD (16% Seller’s Stamp Duty on $24 million sale price) amounting to $3.84 million to IRAS?
    2. Did LHY paid ABSD (10% Additional Buyer’s Stamp Duty on $24 million) amounting to $2.4 million to IRAS? [Note: A case can be made by IRAS the real purchase price is $36 million and ABSD payable is $3.6 million.]

    Crucial Question:
    How stupid can Singaporeans get?

    Answer: There is no limits to stupidity in this world: especially Singaporeans. Only intelligence is limited.

    GD Star Rating
    loading...

Leave a Reply

 characters available


MORE ON TR EMERITUS


Member Services
Members LoginSelf-ClassifiedsSelf-Support
Sponsored Advertisement





Search On TR Emeritus
Sponsored Advertisement



Most Recent Comments
  • Justice Pao: Out of curiosity, is her supervisor a fellow Singaporean or FT? I’d be disappointed if he was a...
  • Angry WP Supporters: Bruise Lee: @ Titiana Ann Xavier “LTK is grateful but not a fool……” He is a true patriot...
  • LIONS: IF MORE EDUCATED YOUNG SGS like this lady can only come forward to voice out for others less able than...
  • LIONS: this CHEE HONG T(tee=little brother) is another BO-LIAO(no substance),wu-liao(wastrel) bloke whose passport to...
  • N.Jungne: Alarmak she is not a Malay, she is a convert in the Sinkapor’s context. The reason why he introduced...
  • Dirty politics: Dirty politics has taken root in all areas these days.. When will lky get up to put things right as...
  • Bad Boy: Dont worry about China. http://www.sohu.com/a/15793383 7_822396 被污染的环境开始疯狂报复:中国一年430万的新增癌症者
  • Bystander: Harimau must not run as PE simply she is Indian, not Malay. PM changed the Constitution to specially cater...
  • Many Follow 'Wind Direction'!: If it is still L*Y, every Tom, Dick and Henry will ‘diam diam’ follow...
  • Ah Fah: TRE readers, if you want her full story, see here: http://forums.hardwarezone.com .sg/eat-drink-man-woman-1...
  • What Irony!: Late L*Y worked so hard to build racial harmony among the races and the ‘Dishonorable Son’...
  • He's my uncle's dog: Chee Hong is just another of LSW’s uncle well-fed expensive dogs trying hard to impress...
  • knnbccb CI !!!: Curse u & ur whole family and all ur future generations for being a pap loyal dog!
  • Check on All OKP Projects!: As a safeguard, please conduct thorough checks on all completed and uncompleted projects...
  • Piece of Shit! !!: ….actually, none of the pap Ministers or MP are “highly respected”
  • nizhemoshou: Don’t give this pap lackey any credibility unless he says he does not support the reserved EP n...
  • Codicil then Probate: Clearly Sg is based on Meritocracy! I wonder how many directorships have Yeo Guat Kwang...
Announcement
Support TR Emeritus
Support TR Emeritus:
Other Amount:
Advertisement
Advertisement
Free Classifieds
  • Sample of a Premium 4 Ad

    . This ia a sample of how a Premium 4 Ad (can upl...
    [Read more]

  • Sample of a Free Ad

    . This ia a sample of how a Free Ad (without imag...
    [Read more]

Readers Statistic
Latest Statistic