Hunter Biden failed to report “approximately $400,000” in income he received from his role on the board of Ukranian natural gas firm Burisma Holdings upon joining in 2014, according to a new report.
Hunter Biden’s former business partner Eric Scherwin, then-president of Rosemont Seneca, told the president-elect’s son he would need to “amend” his 2014 returns to include the “unreported” income, according to NBC News.
“In 2014, you joined the Burisma board and we still need to amend your 2014 returns to reflect the unreported Burisma income,” Scherwin reportedly wrote to Hunter Biden in a January 16, 2017 email. “That is approximately $400,000 extra so your income in 2014 was closer to $1,247,328.”
NBC reported that the emails were made available by Rudy Giuliani’s attorney Robert Costello, who said he was given a copy of one of Hunter Biden’s hard drives from the owner of a computer repair shop in Delaware. It was unable to confirm the email’s authenticity, as was Fox News, which also viewed the email.
The report comes after Biden last week confirmed he was under federal investigation for his “tax affairs.”
Scherwin said in the email that in 2013 Biden’s taxes reported “$833,614 in income,” in 2014 “your taxes reported $847,328 in income. (To be amended at $1,247,328),” and in 2015 reported $2,478,208 in income.”
Scherwin wrote that 2013 and 2014 were “normal years” when Hunter Biden’s income “was based pretty much solely on income from Rosemont Seneca and Boies.”
He detailed Hunter Biden’s “increased income in 2015,” noting that he received “$166,666 from Burnham (for RSA), $216,000 from Boies, $365,403 from Owasco (for RSA), $300,000 one time payment from Eudora (for the 1/3 of CitizensRx).”
“The above represents all the cash you received directly,” Scherwin wrote. “In addition, you reported $1,000,000 of income that all went to RSB and you reported $188,616 in income that also went to RSB.”
He continued: “You didn’t receive this in cash and it is in reality ‘phantom income.’”
“Since you couldn’t have lived on approximately $550,000 a year, you ‘borrowed’; some money from RSB in advance of payments,” he added.
The email appeared to be part of a discussion between Scherwin and Hunter Biden regarding his divorce, according to Fox News.
Last week Hunter Biden said in a statement that he had learned “for the first time that the U.S. Attorney’s Office in Delaware advised my legal counsel” of an investigation into his tax affairs.
“I take this matter very seriously but I am confident that a professional and objective review of these matters will demonstrate that I handled my affairs legally and appropriately, including with the benefit of professional tax advisors,” he said.
The Biden-Harris transition team said in a statement last week that “President-elect Biden is deeply proud of his son, who has fought through difficult challenges, including the vicious personal attacks recent months, only to emerge stronger.”
Hunter Biden has been a subject/target of the grand jury investigation, according to Fox News. A “target” means that there is a “high probability that person committed a crime,” while a “subject” is someone you “don’t know for sure” has committed a crime.