Aren’t there different acceptable methods of valuation of assets? I am just speculating, but NY is out to get Trump by any means, and it wouldn’t make sense for his accountants and lawyers to do anything illegal.
I had a boss that asked me to do a few illegal things, I just refused. Of course he didn’t offer me any bribes, lol.
Yes, there are a few acceptable methods of valuing assets.
I’m not that familiar with the NY rules verses the IRS rules, but I would guess they are similar. There are also different methods of depreciation, but there are also IRS guidelines that need to be followed pretty closely.
Also, once you choose a valuation or depreciation method according to the guidelines, you cannot easily switch until the asset is disposed. It is possible, but you need to submit a Change In Accounting Method form & provide a detailed, reasonable explanation for the change.
I would guess that all of Trump’s companies have been thoroughly audited by not only NY & the IRS, but also by his partners &/or any investors.