Care to explain how you keep a 737 in the air on half a million a year, My Dad really wants to know.
Trump sends all his expenses through his company. He obviously lives the lifestyle of someone making tens of millions of dollars per year. If he is taking less than $500K per year in income, living like he does, that probably explains why he has been audited 12 years in a row and why audits are ongoing.
His company owns and operates the plane.
corporate expense vs salary. Corporation can hold billions and pay a salary of 20 bucks if they want to.
His company provides it as a perk, it doesn't count as income.
Company probably owns it.
By having the operating expenses for a 737 in part of the pre-tax expenses of a corporation rather than part of personal after tax expenses.
It’s a 757.
Care to explain how you keep a 737 in the air on half a million a year, My Dad really wants to know.
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He doesn’t. He is a tax cheat.
You own a corporation that owns the aircraft. You take no pay or a nominal sum from the corporation; you lease the aircraft from the corporation. Or you pay by the mile or whatever. You have a net loss so no income tax. You don't "own" the aircraft, but it's yours.
A tax accountant's mileage may vary, but you get the idea.
It’s a 757. And he doesn’t personally own it. A company does. It’s his company, but they own the aircraft and Bill trump hotels, or resorts or whatever time and fuel that’s used service that particular Trump company’s business.
At least that’s the way I imagine it would be set up.
You do so by not actually owning it. The corporation or the foundation or the family trust owns everything and offers it to you as a perk.
That’s how Al Sharpton avoids all the judgements against him. He doesn’t own anything.