Donald Trump a Tax Cheat?

According to propublica Donald Trump used shady accounting practices to claim the same write off on his taxes twice.

https://www.propublica.org/article/t...go-hotel-taxes

IRS Audit of Trump Could Cost Former President More Than $100 Million
The tax agency concluded in its long-running investigation that Trump effectively claimed the same massive write-off twice on his failed Chicago tower.

Former President Donald Trump used a dubious accounting maneuver to claim improper tax breaks from his troubled Chicago tower, according to an IRS inquiry uncovered by ProPublica and The New York Times. Losing a yearslong audit battle over the claim could mean a tax bill of more than $100 million. Originally Posted by txdot-guy

Trump first made this deduction in 2008. how long is that now? the only crime here is the IRS dragging it out. for political reasons it seems. who knew?

This is not surprising. When an accounting firm drops a high-net-worth client's company, that firm more than likely does so for an ethical and/or legal reason. And for an asshole like Trump, they were likely smart enough not to risk their asses for that loser any longer and do what he wanted.

https://www.reuters.com/world/us/acc...al-2022-02-14/ Originally Posted by Lucas McCain

Mazars USA dropping Trump is to avoid the backlash, same as Deutsche Bank and Cushman & Wakefield did. all this is political. all of these outfits did biz with Trump for decades now he's labeled toxic by the press so they all dropped Trump.

Of course an accounting firm wants to distance themselves from a guy who has a pack of wild dogs nipping at his heels, looking to put him in jail for finding a dime in a pay phone change return. That’s self preservation, not anything to do with the client but the radicals pursuing him. Originally Posted by CreatedInSpace

exactly.

So what you're saying is they're out to get him?

Chit, man. They GOT him!

Fook! He got himself!

Whadda dipshit!

Just not in a Republic where political rivals are targeted for persecution and extermination.

So what you're saying is they're out to get him?

Chit, man. They GOT him!

Fook! He got himself!

Whadda dipshit! Originally Posted by Yssup Rider

Yeah. Trump loves to play the victim and his simpleton followers eat it up. They are so fucking gullible that they don't have enough common sense to ask themselves two simple questions:

1) If that fat old toddler is always innocent as he claims, why is that baby in court so much?

2) If that fat old toddler is always innocent as he claims, why would the government even bother to prosecute an innocent man so often when he can easily prove his innocence? Not to mention that they would look like fools for prosecuting him and lose all future credibility in the court of public opinion and ruin their careers.

But hey, fuck common sense, you MAGA folks should just keep believing Trump and bullshit news like Fucker Carlson because they never lie.

Trump brags about his wealth yet refused to disclose his tax returns while in office. Geez, I wonder why. I don't know, probably because FAT BOY IS A TAX CHEAT who does not pay his taxes as he should, but I guess to him, that does not Make America Great Again so fuck taxes.

Yeah. Trump loves to play the victim and his simpleton followers eat it up. They are so fucking gullible that they don't have enough common sense to ask themselves two simple questions:

1) If that fat old toddler is always innocent as he claims, why is that baby in court so much?

2) If that fat old toddler is always innocent as he claims, why would the government even bother to prosecute an innocent man so often when he can easily prove his innocence? Not to mention that they would look like fools for prosecuting him and lose all future credibility in the court of public opinion and ruin their careers.

But hey, fuck common sense, you MAGA folks should just keep believing Trump and bullshit news like Fucker Carlson because they never lie.

Trump brags about his wealth yet refused to disclose his tax returns while in office. Geez, I wonder why. I don't know, probably because FAT BOY IS A TAX CHEAT who does not pay his taxes as he should, but I guess to him, that does not Make America Great Again so fuck taxes. Originally Posted by Lucas McCain

How much do you know about taxation of partnerships? Based on the little I know and the reporting in the New York Times, I suspect Trump and his advisors pushed the envelope but seriously doubt they committed tax fraud. He got a tax attorney to issue a favorable opinion.

I benefitted from an increased cost basis in securities when the classification of an entity I owned part of changed from a partnership to a disregarded entity. It was kind of like the double write off Trump got. My accountant, who’s extremely bright, told me he likes partnerships because they can offer tax advantages you don’t get with something like a sole proprietorship. We weren’t doing anything that was in a gray area btw, just what we were required to do by the Internal Revenue Code and tax regulations.

About your other post, Mazers did not drop Trump over tax issues, but rather because it wasn’t comfortable with information he gave the firm when it was preparing his statements of financial condition. Mazers probably came up with the tax strategy for the Chicago property. Trump and his father used an aggressive accounting firm for years that was absorbed into Mazers.

Tiny, I hate to tell you this but in accounting, if you are uncomfortable with the accuracy of a company's financial statements (for this firm, almost a decade of probable 'cooked' numbers from Trump), one of the last things you want to do even for a private company client is do tax advisory services for them. And yes, I am putting the horse before the cart here.

Because of the shit that happened with Enron and WorldCom, accounting firms are heavily scrutinized since SOX. No client is worth risking a firm over. No firm (big or small) is trying to be the next Arthur Anderson.

As far as my knowledge of partnerships and taxes, I've worked years in M&A. It would take me all week to type out all of the different scenarios about them and I have a full-time job that actually pays me well to explain those scenarios to them, and I don't do that for free.

Tiny, I hate to tell you this but in accounting, if you are uncomfortable with the accuracy of a company's financial statements (for this firm, almost a decade of probable 'cooked' numbers from Trump), one of the last things you want to do even for a private company client is do tax advisory services for them. And yes, I am putting the horse before the cart here.

Because of the shit that happened with Enron and WorldCom, accounting firms are heavily scrutinized since SOX. No client is worth risking a firm over. No firm (big or small) is trying to be the next Arthur Anderson.

As far as my knowledge of partnerships and taxes, I've worked years in M&A. It would take me all week to type out all of the different scenarios about them and I have a full-time job that actually pays me well to explain those scenarios to them, and I don't do that for free. Originally Posted by Lucas McCain

How about for $100K? Just kidding! You were a good sport when I started that thread a few years ago.

What I might add to what you wrote is that when the IRS looks at a return where a taxpayer and his CPA have taken an aggressive position, the IRS may choose to start auditing that accountant's clients, one-by-one, figuring there are easy pickings to be had. You don't want to be that accountant.

What both you and The Waco Kid wrote has a lot of merit.

... As I mentioned - I'd LOVE to see Trump hit with a tax audit.
Because of the "boomerang" skills that the Trump family has
been learning.... "Tax audit for me? ... Tax audit for THEE!"

#### Salty

Read much?
If you'd love to see an audit, you'll need to open your eyes.
You need to read the link in the OP. The audit, which has been ongoing for years, is mentioned in the first paragraph of the link.

"Former President Donald Trump used a dubious accounting maneuver to claim improper tax breaks from his troubled Chicago tower, according to an IRS inquiry uncovered by ProPublica and The New York Times. Losing a years long audit battle over the claim could mean a tax bill of more than $100 million."

... As I mentioned - I'd LOVE to see Trump hit with a tax audit.
Because of the "boomerang" skills that the Trump family has
been learning.... "Tax audit for me? ... Tax audit for THEE!"

#### Salty Originally Posted by Salty Again

Hahaha... Fani Willis is on the chopping block herself. Her fifteen minutes of fame are over. Originally Posted by Levianon17

Fanni Willis is still the D.A. of Atlanta. Even if she is removed from the case, the charges against Trump still stand. It's on tape what he was asking the Gov. of Georgia to do. Trump lawyer Sydney "Frankenstein" Powell was already convicted by the prosecutor with "limited trial experience" Wade who now gone. Trump is in trouble in Georgia.

Trump might beat the other two, Jan 6 invasion and the confidential documents case in Florida. The one in Florida is moving very slowly. This one may not finish before Nov. (which is exactly what Trump wants).

Read much?
If you'd love to see an audit, you'll need to open your eyes.
You need to read the link in the OP. The audit, which has been ongoing for years, is mentioned in the first paragraph of the link.

"Former President Donald Trump used a dubious accounting maneuver to claim improper tax breaks from his troubled Chicago tower, according to an IRS inquiry uncovered by ProPublica and The New York Times. Losing a years long audit battle over the claim could mean a tax bill of more than $100 million." Originally Posted by Tigbitties38

... Do you reason much?? ... A tax audit LOSS!
This aint the first time Trump has faced a tax audit.
Please try to understand the point that a few of us
are making here. ... The selective prosecution is
surely becoming rather obvious... And entertaining.

#### Salty