Posted on 01/22/2022 11:45:11 AM PST by GrandJediMasterYoda
Trump lied about value of business empire — and size of his Trump Tower penthouse, AG James says
Lies about size matter.
Former President Donald Trump and his children have lied about seemingly everything in the Trump Org empire — from the size of the patriarch’s luxury Manhattan penthouse to the value of properties around the globe — in order to score an array of financial benefits, New York Attorney General Letitia James charged in bombshell court papers.
The lies to banks, government agencies and other regulators were “part of a pattern to suggest that Mr. Trump’s net worth was higher than it otherwise would have appeared,” attorneys with James’s office wrote in the Manhattan Supreme Court petition filed late Tuesday.
The misleading missives helped Trump fraudulently obtain loans, tax deductions, insurance coverage and other economic perks, James charged.
One of the most egregious alleged examples of the family’s “misstated objective facts” could be found at the top of the twice-impeached former president’s Midtown Manhattan skyscraper.
(Excerpt) Read more at nydailynews.com ...
My thought is that according to Hunter’s laptop, so did Joe Biden. Where is that investigation?
It was probably not property tax deductions because there is gov’t paper trail for that but possibly inflated depreciation, possible business expenses that were not there or inflated business that would give him a larger tax deduction.
This below explains how overstated wealth can means tax deductions. If she has a paper trail it will be hard to get away from.
The Trump Organization, James’ office said, overstated the value of land donations made in New York and California on paperwork submitted to the IRS to justify several million dollars in tax deductions.
Your argument is still BS. If Trump claimed charitable contribution deductions for unimproved real estate (an assumption based on the Ghettopotumus statement the “mansions” did not yet exist) the FMV would be the land’s highest and best use in its present condition. The dishonest DA has yet to show a FMV of anything less than Trump claimed. As has been repeatedly stated in this thread ALL appraisals—including the DA’s—are ESTIMATES.
I worked for the IRS for 15 years and made many criminal referrals of people doing similar things that this corrupt DA is alleging, so I know what to look for. James is now the enforcer for the IRS? I don’t think so.
Federal banking regulations have long required that if the primary purpose of a loan is a real estate related transaction, an appraisal is required. All federally related transactions (basically all real estate loans) having a transaction value of $1,000,000 or more shall require an appraisal prepared by a State certified appraiser. (12 CFR § 225.63). This regulation applies to all banks, whether the OCC, FDIC, or Federal Reserve is the primary Federal regulator.
Yes, I’m surprised all this alleged fraud eluded the lenders (the banks), the IRS, and state tax officials. And isn’t it unethical for a prosecutor to publicly release details of an investigation prior to the filing of any charges? It almost suggests she doesn’t have a real case but just wants to smear Trump in public.
The claim about the non-existent mansions interests me. Did they not exist at all? Were they designed, but not built? Were they under construction? If so, how far along? Were they finished, but not yet on the market? Was it a timing thing, where the construction process overlapped tax reporting years?
FYI - Setter is a waste of time and is nothing but a liberal troll.
That’s just ONE of his MANSIONS!!! How did a Senator and VP working for US, the TAXPAYERS, get SO DAMN RICH?? hmmmmm.....the BIG GUY has a son that’s his BAG MAN FOR THE WHOLE BIDEN CRIME FAMILY!
Letitia James is just ANOTHER CORRUPT SOROS HIRE!! YOU STUPID NEW YORKERS THAT VOTED FOR HER!
Unless the New York Attorney General is dealing with pre-1989 loan transactions, the banks lending to Trump and his interests would have been required to obtain independent appraisals.
Yes! Isn’t it absolutely disgusting how that is COMPLETELY and UTTERLY ignored???
No such thing as undervaluation on Long Island. Biggest legal business here is assessment appeals.
Banks and local property assessors are usually low valued.
The banks do not want to make risky loans. And the assessors do not want to over tax properties. So then someone comes up with higher value based on what? Trump would have little way to influence low appraisals. A nothingburger but watch them put him in jail for this.
Exactly my point. Anything under $1 million generally does not require an appraisal.
That one is a lot more than a twofer. That is a big ole troll.
Yeah, it was trolling on an EV (unicorn farts) thread yesterday.
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Absolutely, you’re correct!
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He is lucky I don’t control the Zot machine. hah
I doubt Trump did not deal in commercial properties under $1 million, so unless the New York Attorney General decides to go after pre-1989 transactions with banks domiciled in her state. Trump had a substantial relationship with Deutsche Bank, which is headquartered in Germany. If Deutsche Bank had an affiliate with a charter issued in New York, loans made by the American affiliate would be subject to U.S. bank regulation. However, this relationship was established well after the adoption of FIRREA.
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