She and her party are nothing but SCUM!
this being a very standard provision of the tax code, there’s nothing “wrong” with anyone... HilLIARy, Trump, or the NYTimes, using it where appropriate to their situations.
(PS: Im all for replacing the entire mess of the income tax with something easy and simple and a whole lot less expensive and corrosive to society and our economy.. but anyway...as long as we have the law the way it is, everyone has a duty to try to comply with it as best they can)
To give but one example, before Bill Clinton ran for president, he sold his interest in Whitewater back to the MacDougals for a dollar. But, because their partnership was severely in debt at the time, this 'sale' amounted to a forgiveness of debt, which any stalwart accountant would tell you, is a taxable event. When their shady deals became common knowledge, they, oh yeah, ponied up the money. This has continued to this very day.
Trump should speak of the generous donations made by the Clintons on their taxes. Like Bill’s crusty old drawers for $2.
Using this tax strategy is not avoiding taxes. Its not a loop hole. Its merely how the annual tax system handles multi year projects. Losses and gains are not often contained within a single year. So when you have losses in one year you can deduct them from profits in future years. This has been around as long as the income taxes have been around. Otherwise nobody would invest during recessions. And nobody would do large multi year projects. Most companies have to do this at one time or another.