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Trump lied about value of business empire — and size of his Trump Tower penthouse, AG James says
NYdailynews.com ^ | 1/22/22 | By Noah Goldberg and Chris Sommerfeldt

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 ...


TOPICS: Chit/Chat
KEYWORDS: chrissommerfeldt; letitiajames; newyorkdailynews; newyorkdailynudes; noahgoldberg; trump
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To: GrandJediMasterYoda

My thought is that according to Hunter’s laptop, so did Joe Biden. Where is that investigation?


81 posted on 01/22/2022 3:15:48 PM PST by Eastern Shore Virginian (I am 100% certain.........but I may be wrong.)
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To: Auntie Dem

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.


82 posted on 01/22/2022 3:22:31 PM PST by setter
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To: setter

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.


83 posted on 01/22/2022 3:38:22 PM PST by Auntie Dem (Hey! Hey! Ho! Ho! Terrorist lovers gotta go!)
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To: Jonny7797

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.


84 posted on 01/22/2022 4:04:21 PM PST by Wallace T.
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To: Wallace T.

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.


85 posted on 01/22/2022 4:09:59 PM PST by Steve_Seattle
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To: Auntie Dem

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?


86 posted on 01/22/2022 4:14:37 PM PST by Steve_Seattle
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To: Auntie Dem

FYI - Setter is a waste of time and is nothing but a liberal troll.


87 posted on 01/22/2022 4:25:47 PM PST by ohioman
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To: AnthonySoprano

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!


88 posted on 01/22/2022 4:29:58 PM PST by Ann Archy (Abortion....... The HUMAN Sacrifice to the god of Convenience.)
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To: SaxxonWoods
BINGO!! WHAT does it matter what his square footage is in his home?? The govt. has RECORDS!!

Letitia James is just ANOTHER CORRUPT SOROS HIRE!! YOU STUPID NEW YORKERS THAT VOTED FOR HER!

89 posted on 01/22/2022 4:32:33 PM PST by Ann Archy (Abortion....... The HUMAN Sacrifice to the god of Convenience.)
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To: Steve_Seattle
Federal real estate appraisal regulations for bank loans date back to 1989, specifically Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA). This was the result of massive real estate loan losses triggered by the repeal of tax benefits on real estate and the oil price crash, which greatly impacted banks in Texas, Oklahoma, and Louisiana, resulting in numerous bank failures. Most of the largest banks in Texas either failed or were acquired by out of state banks, sometimes with FDIC assistance.

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.

90 posted on 01/22/2022 4:42:51 PM PST by Wallace T.
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To: AnthonySoprano

Yes! Isn’t it absolutely disgusting how that is COMPLETELY and UTTERLY ignored???


91 posted on 01/22/2022 4:45:34 PM PST by GrandJediMasterYoda (As long as Hillary Clinton remains free, the USA will never have equal justice under the law)
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To: Auntie Dem

No such thing as undervaluation on Long Island. Biggest legal business here is assessment appeals.


92 posted on 01/22/2022 4:46:10 PM PST by xkaydet65 ( )
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To: mewzilla

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.


93 posted on 01/22/2022 5:10:17 PM PST by WLusvardi
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To: Wallace T.

Exactly my point. Anything under $1 million generally does not require an appraisal.


94 posted on 01/22/2022 5:40:27 PM PST by Jonny7797
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To: dforest
Dang! NeverTrump and vaxxpimp...
95 posted on 01/22/2022 5:58:08 PM PST by kiryandil (China Joe and Paycheck Hunter - the Chink in America's defenses)
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To: kiryandil

That one is a lot more than a twofer. That is a big ole troll.


96 posted on 01/22/2022 6:00:59 PM PST by dforest (Freaking insane world. )
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To: dforest

Yeah, it was trolling on an EV (unicorn farts) thread yesterday.


97 posted on 01/22/2022 6:09:14 PM PST by kiryandil (China Joe and Paycheck Hunter - the Chink in America's defenses)
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To: Ann Archy

.
Absolutely, you’re correct!

.


98 posted on 01/22/2022 6:09:45 PM PST by AnthonySoprano (‘’)
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To: kiryandil

He is lucky I don’t control the Zot machine. hah


99 posted on 01/22/2022 6:27:59 PM PST by dforest (Freaking insane world. )
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To: Jonny7797

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.


100 posted on 01/22/2022 6:41:31 PM PST by Wallace T.
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