Posted on 10/05/2016 5:46:31 AM PDT by sharkhawk
Simple question for other Freeper CPA's. Didn't Trump receive large loan write offs from the banks during the Atlantic City bankruptcy? Wouldn't those loan write offs count as income to Trump, and wouldn't the loss offset the income received from those loan write offs? So there would be no way that the 916 million was written off over 18 years? Why do you think Trump hasn't come out and said this? Does he just not want to go into his taxes?
The ONLY thing the democrats want to do with Trumps tax returns is to stir greed and envy that he makes a lot of money and shoulda paid more of it in taxes
No facts. No sane discussion, is warranted here - it is a no-win issue
We will be electing a president in just over 30 days and there are serious issues to discuss
Btw Trump surrogates should make this go viral
“ do you prefer a guy who lost $1 billion of his own money - or a woman who while Secretary of State, lost $6 billion of YOUR money? “
The point that is lost is that in order to spend a billion dollar, you have to HAVE a billion dollars.
Not sure what point you are making, but construction like Trump's hotels is done by bank loans, not personal funds.
Almost all investors suffer losses. These are used to off-set income. Tax laws restrict the off-set to something like $2,000 of ordinary income. So, mostly the off-set of investment losses is against investment gains.
Somebody who losses millions of dollars might not have current investment income to off-set the loss. The laws allow you to carry-forward losses (up to a certain number of years). If Donald Trump was able to fully use his huge losses, it would be because he made equally big investment gains during the years allowed.
This is the probable reason Trump is subject to audit every year. The IRS wants to see that he isn’t converting ordinary income into investment income, so that he pays income tax on his ordinary income. The same thing is true for his creditors during the time he was in a bind. They got into his personal finances. They wanted his companies to pay as much as they could on their debts.
Nowadays, Trump has a clean balance sheet. He has a tiny amount of debt on properties, and this is long-term, low-interest rate debt. He has made one of the biggest turnarounds in the history of business, and without a government bailout.
I put him just below J.P. Morgan (who was instrumental in the bankruptcy and reorganization of some of the greatest railroads of the country toward the end of the 19th century). But, even there, Morgan was the banker, while Trump was the owner, in these turnarounds.
Trump’s CPA’s followed the tax code. Which is lawful, and not unlawful, to think that Trump should not follow the tax code is ludicrous. Everybody who can, probably does take deductions, especially small and large business owners.
For Kaine to insinuate (and HRC for that matter) that he was doing something wrong, or that he was miserly and petty for taking business deductions is aimed solely at pathetical and the parasitical within the Jackass Party ranks.
Does anyone doubt that Kaine or HRC, or BHO or any other politico would not take deductions? In a word preposterous.
The Banks got ownership and lost money in the recession years, but made all their money as the economy regrouped. Basicly Trump lost his ownership but got hired as a manager of the banks properties. So years later when they made a bunch of money he got paid too.
Lots of banks just take control of real estate, then they lose even more under their own poor management. But Trump made them the big deal. He explained that if they just let him manage through the big NY land recession they would make far more than foreclosing on him. They got ownership and he got a big bonus if he made them money. And everyone won in the end.
...The ONLY thing the democrats want to do with Trumps tax returns is to stir greed and envy....
Stirring up greed and envy is part of class warfare. This is one of the primary foundations of the Democrat party.
Let's look at the BIG picture....Millions of people across the nation take the mortgage deduction. And now you can go one step further....and take an equity loan....and deduct the interest on that.
And if you INVEST in a business and take a loss, you get the same tax benefits as every other businessman.
Many years ago, you could deduct ALL/ANY medical expenses...AND ALL of the interest on your credit cards.
Donald's casino empire collapsed...he did just right. Why should he pay taxes on a loss?
And did you know Bill Gates filed bankruptcy on one of his ENERGY adventures.
Of course. These gotcha moments in debates are for the benefit of the low information voters who don’t know any better, and it’s all about stirring up class envy. Look at the white, rich billionaire who keeps his profits ( horrors) so that you can’t have any.
That’s a pretty dumb statement. Millions take out loans to buy their house. They have to use their own money to pay off both the loan AND the interest.
Do this is the most basic tax write off... Not trying to find every loop hole.under every single rock?
What’s this got to do with Russia invading Aleppo, or what does it have to do with the failed V.A. in our Country, or the millions of Americans who have given up looking for work???
Or how about the selling of our Natural Resources to Russia by Hillary???
Trump’s taxes shouldn’t even be an issue on FR...
It was decades ago....it was legal...who flipping cates
He didn’t sell uranium to the Russians. He didn’t take pay for play money from foreign governments. He didn’t leave Americans to die at Benghazi......
Come on focus on the important stuff already
ENOUGH IS ENOUGH! Hoe Lee Crap. I was ready to slap liberation theologist timmy cane last night. I’m like fed up with this tax return demand. DJT should simply ask either hildabama or sugar cane where in the qualification docs is the requirement to release the tax returns. Is it before or after the part that says ‘can’t-idates’ must have held public office. Can’t seem to find it? Then STFU.
“How do you plan to bring an end to ISIS?” cane: “If Trump would release his returns we could see how he’s involved with them.”
“How do we deal with the race relation issue?” cane: “If Trump would release his returns we could see how he’s involved with them.”
And where did he get his facts and figures for the clintoon foundation?
What is a ‘Net Operating Loss - NOL’
A net operating loss (NOL) is a loss taken in a period where a company’s allowable tax deductions are greater than its taxable income. When more expenses than revenues are incurred during the period, the net operating loss for the company can generally be used to recover past tax payments. The reasoning behind this is that corporations deserve some form of tax relief when they lose money, so they may apply the net operating loss to future income tax payments, reducing the need to make payments in future periods.
BREAKING DOWN ‘Net Operating Loss - NOL’
An NOL makes a company unprofitable for tax purposes. For example, Company A has taxable income of $500,000, tax deductions of $700,000 and a corporate tax rate of 30%. Its NOL is $500,000 - $700,000 = -$200,000. Because Company A does not have taxable income, it does not pay taxes that year. Otherwise it would have paid $250,000 x 30% = $75,000 in taxes. Because the company had an NOL the previous year, it may put the NOL toward the current year’s tax bill or apply it against taxable income in previous years.
Rules for Applying an NOL
A business may carry the taxable amount back to the two previous years and apply it against taxable income for a refund. For example, an NOL occurring in 2015 may be used for lowering tax payments in 2013 or 2014. Because the time value of money shows that tax savings at that time is more valuable than in the future, this is the more beneficial choice. However, if the business did not pay taxes in prior years, or the owner’s income is expected to substantially increase in the future and raise the company’s tax rate, the business may also carryforward the amount over the next 20 years, reducing the amount of taxable income during that time.
If a business creates NOLs in more than one year, they are to be drawn down completely in the order they are created before drawing down another NOL. Because any remaining NOL is canceled after 20 years, this reduces the risk of the NOL not being used
Read more: Net Operating Loss - NOL Definition | Investopedia http://www.investopedia.com/terms/n/netoperatingloss.asp#ixzz4MDWgZJLX
Follow us: Investopedia on Facebook
Simple question for you:
Who was charged with re-writing the tax code in 1995?
I doubt it. When a bank writes off a loan as bad debt, the amount of the write off is considered income to be taxed by the person who had the debt forgiven
I.e. I have a loan for 100k. Bank forgives debt... I now owe taxes on 100k I never made.
I believe that it is the banks that receive those write-offs, not Trump, for they are the ones that suffered losses. Also, Trump has never declared bankruptcy, it was companies of his that declared bankruptcy. His losses with regards to his personal taxes came as a direct result of his personal investments either in his companies of possibly even other companies. At least that is what I believe to be the case. Of course I am no CPA so I could be wrong.
But the bottom line, is that the tax returns of his businesses are filed separately from his personal tax returns. He does not included his businesses in his personal tax filings. That is the whole purpose of incorporating, to shield personal finances from liabilities of the business(es) ventures.
This laudatory NYT article from 1995 suggests Trump was one of the few real estate developers who survived the down turn.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.