You do not know the market value of an asset until you sell it.
Any attempt to do so is just a guess.
“The lawsuit alleges Trump’s company sought lower taxes and better insurance coverage by falsely inflating and deflating the value of its assets.”
These very low-IQ affirmative action hire judges are clueless. Third party appraisers for both the banks and insurance companies determine value, not Trump.
Exactly, and as equities grow due to inflationary pressures it’s common place to refinance and use the capital on other projects.
A smart operator will also do the reverse to determine guesstimate value of gross capital.
They too like to know what’s in their left pocket.
Latetia is so far into herself that she hasn’t seen light nor common sense for a long time.
Some lawsuit details:
Among the allegations were that Trump claimed his Trump Tower apartment in Manhattan — a three-story penthouse replete with gold-plated fixtures — was nearly three times its actual size and valued the property at $327 million. No apartment in New York City has ever sold for close to that amount, James said.
Trump valued Mar-a-Lago as high as $739 million — more than 10 times a more reasonable estimate of its worth. Trump’s figure for the private club and residence was based on the idea that the property could be developed for residential use, but deed terms prohibit that, James said.
Trump: “Do you know the banks were fully paid? Do you know the banks made a lot of money?” Trump testified. “Do you know I don’t believe I ever got even a default notice, and even during COVID, the banks were all paid? And yet you’re suing on behalf of banks, I guess. It’s crazy. The whole case is crazy.”
https://apnews.com/article/donald-trump-letitia-james-fraud-lawsuit-1569245a9284427117b8d3ba5da74249
Unpaid loans: https://thehill.com/policy/finance/523069-nyt-trump-had-287-million-in-debt-mostly-tied-to-chicago-project-forgiven/
A more detailed article states that he overvalued Trump Tower. I’ve been to Trump Tower, rode up the escalator. In my opinion, he undervalued it. Fabulous building in terrific location.
And what the heck does a judge know about monetary values?
Even after you get an offer for your property, you have to wait until mortgage loan is approved for the buyer. So the offering price has no valudity.
Wouldn’t that be a CIVIL MATTER ?
None of the parties involved seemed to mind...
Also DOESN’T EVERYONE TRY TO MINIMIZE TAXES???