1031 Exchange Biden: Effects on U.S. Oil and Mineral Rights
Dan Doyle speaking: To talk about a Biden-Harris administration let’s first talk about the Obama-Eric Holder/Loretta Lynch administration. Back in 2015 and 2016, Holder and Lynch were President Obama’s Attorney Generals. A frack company was beset with an IRS audit, an International Fuel Tax (“IFTA”) audit.
In addition to that, there has been a Department of Labor investigation. Let’s talk more about the 1031 Exchange Biden effect on U.S Oil and Mineral Rights in this article.
Without exclusion, I undergo personally an audit by the IRS. Fortunately, I and my company gain clearance from the IRS audit without penalty (other than paying our accountant). The Department of Labor audit got us for something less than $250, based on some arcane back of the book calculation on arbitrarily given bonuses. But the IFTA audit did some damage with a $40,000 paperwork-related fine even though all our taxes were paid at the pump. All three agencies and all four audits were federal, and all came at roughly the same time.
When I asked the Department of Labor attorney how she even found our little basement office, she kept mum. There was no point in her answering—we both knew why she was there. Her 18,000-employee strong department, like the IRS and IFTA, had been weaponized to undermine the oil and gas industry. AGs Holder and Lynch, likely with President Obama’s blessing, were picking and choosing and I and they chose my industry.
On March 1st, 2016, coming home from work, I tell my wife my worry about Aubrey McClendon. He is the founder of Chesapeake Energy and American Energy Partners. The following morning, there was an arraignment in Oklahoma for violations of the Sherman Anti-Trust Act.
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Source: Oil Price / Photo: Wikipedia Creative Commons
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