House Oversight Committee Chair James Comer demanded on Thursday that President Joe Biden provide applicable loan documents and IRS filings regarding the $200,000 “loan repayment” James Biden claims he repaid Joe in 2018.the $200,000 check James gave Joe Biden was due to a pre-existing business relationship. They insist the money was a return payment for money Joe Biden lent him but have not provided the committee any evidence to prove their claims.
As you may know, the Internal Revenue Code has specific requirements for delineating and reporting “below-market loans” from gifts. While there are some exceptions, for example loans of $10,000 or less, the payment in question would not appear exempt from such requirements if it is a loan. Indeed, there appears to have been no interest paid on the “loan” based upon the White House’s own representations.
The White House has claimed Joe Biden loaned James Biden $200,000, and this check was repayment. Records obtained by the Committee do show numerous large incoming transactions into the personal account of James and Sara Biden from various entities. Some of these transaction records may have obscured the identity of the true payer, but no records in the Committee’s possession state that Joe Biden made a large loan payment to his brother.