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POLITICS ELECTIONS AND ELECTION CAMPAIGNS: CANDIDATES :
UNITED STATES: POLITICS: POLITICAL PARTIES: REPUBLICAN PARTY, TEA PARTY :
INDUSTRIES: PETROLEUM :
LIBERTARIANISM :
RACISM :
BIGOTRY :
EXTREMISM :
HATE GROUPS :
INTOLERANCE :
PRESIDENTIAL CANDIDATES: NAMED PRESIDENTIAL CANDIDATES: DONALD TRUMP :
BLATANT FALSEHOODS :
SERIAL LIARS :
REPUBLICAN WAR ON WOMEN :
RAPE CULTURE :
CRIME AND CRIMINALS: SEXUAL PREDATORS :
SEXISM :
TAX FRAUD:
A Big, Dirty Secret from Donald Trump's Tax Returns Has Been Exposed
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A Big, Dirty Secret from Donald Trump's Tax Returns Has Been Exposed
By Max Ehrenfreund
November 1, 2016
Washington Post
https://www.washingtonpost.com/news/wonk/wp/2016/11/01/
a-big-dirty-secret-from-donald-trumps-tax-returns-has-been-exposed/
?tid=hybrid_experimentrandom_2_na
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A shorter URL for the above link:
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http://tinyurl.com/gtkb9u8
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Unlike past presidential nominees, Donald Trump has declined to release
his complete tax returns, which has fostered fervid speculation about what
they might contain especially since the New York Times published a few
pages from Trump's 1995 tax documents last month.
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Those documents suggested that the Republican nominee could have avoided
paying taxes on as much as $916 million in income. The question was how he
could do so legally. Experts had put forward a range of intricate
theories, and the new documents disclosed by the Times on Monday point to
one explanation for how Trump sheltered the bulk of that money.
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It appears Trump gave his creditors shares of his failing businesses to
avoid taxes on hundreds of millions of dollars they granted him in debt
relief, a practice that has since been explicitly outlawed, the Times
explained.
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In short, He made it up, said legal scholar Edward Kleinbard of the
University of Southern California.
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Some had missed Trump's maneuver, Kleinbard said, because they did not
think that it would have been allowed at the time.
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The reason nobody thought of it is that nobody thought that it existed,
Kleinbard said. The real surprise here is that he apparently got away with
it.
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Trump declined to comment for the Times's story.
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In a letter published by the Times, lawyers warned the New York
businessman that his strategy would be legally risky. He was audited by
the Internal Revenue Service, which has not commented on the result of its
investigation.
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The details of Trump's reported maneuver are somewhat complicated, but the
essential idea is fairly straightforward. The documents reviewed by the
Times suggest Trump worked around a couple of basic principles of U.S.
taxation.
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The maneuver began when Trump's businesses borrowed money from banks to
purchase the Plaza Hotel in New York and his casinos in Atlantic City.
Neither Trump nor his businesses owed taxes on the cash infusion because
the tax code doesn't consider debt to be taxable income.
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snip
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If the bank forgives the loan, however, then the amount that is forgiven
does count as income under federal law. A canceled debt is equivalent to a
gift from the bank, and it is subject to income taxes.
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That is what happened to Trump. When the casino and hotel investments
failed catastrophically, Trump's businesses declared bankruptcy, and his
creditors were forced to forgive much of the debt.
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He borrowed other people's money and spent it in spectacular fashion,
Rosenthal said.
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From the point of view of Trump's income, it all came out in the wash. He
had lost a lot of money, but he had also persuaded the banks to write down
what he owed them a gift that largely wiped out his losses.
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Trump then claimed on tax returns that he had lost the money, but he did
not acknowledge the income in the form of canceled debts. He likely did
not have to pay taxes on that money which totaled at least $425 million,
Rosenthal estimates based on his review of the documents obtained by the
Times.
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To avoid taxes on the income from his canceled debts, Trump used what
experts described as a dubious legal argument, according to the account
provided by the Times.
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First, in exchange for writing down his debts, he gave the creditors
shares of the partnerships through which he controlled the failing hotel
and casinos. Then he essentially argued that the lenders had not done him
a favor at all, because they had simply exchanged one asset for another.
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The asset the banks gave up was real money Trump owed them. What they got,
on the other hand, were shares in failing properties. Trump claimed that
he and his borrowers were square.
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The complete article may be read at the URL above.
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Sincerely,
David Dillard
Temple University
(215) 204 - 4584
jwne@xxxxxxxxxx
http://workface.com/e/daviddillard
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