Trump Org ‘cheated’ on taxes for 15 years, prosecutors say at NYC trial

NY Post ^ | 10/31/2022 | Elizabeth Rosner and Emily Crane

[Alberta's Child]

The Trump Organization was giving the CFO an apartment rent-free so the guy could stay there while he worked at his office in New York City. His full-time residence was 3+ hours away in the Hamptons. This was perfectly legal, and was a legitimate deductible expense for the company. It’s no different than your employer paying the cost to put you up in a hotel room on a business trip to the company’s home office.

This arrangement became a tax problem when the CFO sold his home in the Hamptons and moved into the apartment as his primary residence. In that case, he is supposed to report the rental value of the apartment on his tax as taxable income.

[50sDad]

TRANSLATION: “Trump utilized perfectly legal tax law to pay no more than he was required... and we’re pissed about that!!!!!!!!”

[kosciusko51]

“Any one may so arrange his affairs that his taxes shall be as low as possible; he is not bound to choose that pattern which will best pay the Treasury; there is not even a patriotic duty to increase one’s taxes.” - Judge Learned Hand, Helvering v. Gregory, 69 F.2d 809, 810-11 (2d Cir. 1934).

[kosciusko51]

Oops, I meant that as a reply to #1, not to you.

[Organic Panic]

So a company paid a lot of money on “perks” to avoid paying less money in taxes? What sense does that make for a company?

“I’m gonna buy a 100,000 dollar excavator to save $50 on taxes. That’ll show em.”

[IYAS9YAS]

Mystery of the Century: How did the IRS not have a clue about all these alleged improprieties for decades, even though they were constantly auditing his taxes?

I knew a guy who worked for the IRS briefly. He hated the job. He was all set to audit some multi-millionaire who had questionable returns. His boss got a call from a Congress-critter in DC. The audit was canceled.

[youngidiot]

Remember when they got ahold of his taxes for one year and the idiot leftists claimed that he only paid $500 in taxes? When in fact, he had overpaid the previous year and $500 was the difference.

They lie. They cannot be allowed to have his taxes.

[DoughtyOne]

So Trump’s tax attorney’s committed fraud for how long?

[Taxman]

Ping

[Georgia Girl 2]

The IRS audits him every year. If he was cheating they would have nailed him.

[jdsteel]

So does the Southern District of New York think that the IRS is totally incompetent?

[xzins]

Whether paid as salaries or paid as employee expenses, the business still subtracts it as expense. It is not part of taxable, pre-tax profit.

[1FreeAmerican]

Additionally there were the City, County, and State tax authorities that never said - and still have never said - there was any cheating...