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Posted on 05/11/2024 7:49:34 AM PDT by janetjanet998
Breaking News: Donald Trump could owe $100 million for improper tax breaks on his Chicago tower, an IRS audit uncovered by The New York Times and ProPublica shows
1031 exchange, he basically trades his existing properties for others. No federal tax consequences.
Just happened to be “uncovered”...
Without access due to the pay-wall, I’d guess that Trump Organization tax lawyers and accountants interpreted specific tax laws to allow the deductions they took. These probably involve breaks on property taxes, negotiated to induce Trump to take on an otherwise uneconomic investment, whereas a failed major property would drag down the Chicago business district, costing the city far more in the long run. Such “Tax Breaks” are usually involve cuts in theoretical revenue the State/Local government would never have collected without the Buyer’s investment. Compared to zero, the City and State are actually ahead.
The feds are likely asserting that the amount of State/Local tax incentives be reported and taxed as INCOME. The Trump Org would have determined the legal treatment of that BEFORE making the investment.
The story was leaked to make Trump look like a tax cheat and stir up resentment. The leakers and publishers likely know it is hogwash. If it goes anywhere, this is why we have tax courts.
The only way that should be public is it was petitioned to tax court or a lien was filed against the property in county property records.
Highly unlikely that Donald Trump personally owns this property. Much more likely that the property is held by a corporate entity that Donald Trump controls under the Trump umbrella.
Following the Free Republic rule of commenting without reading the article, the wording of the heading suggests that the article presents someone's interpretation of tax codes that differs from that of the army of tax accountants and attorneys that Trump uses to apply for tax breaks and to prepare the related tax returns.
Deal with them as they deal with you.
No information for the US Census from here on out.
It will be leaked.
This is the next attack I see. What a pant-load. These commie d-bags have to be beaten or this nation is doomed.
Is that a “meaningful” building or just one that he has loaned his name to ie does he own it, does he do business out of that building - does he have Trump offices in that building? Just asking!
“”I’m sure Trump sits down and fills out all his tax forms by himself, not.””
Of course he does - the same way he classifies all his business expenses in his ledgers...
I'm old enough to remember when The Spew Barf Slimes couldn't manage to acquire and leak the Nashville tranny shooter's manifesto.
It's almost like the NY Times has a political agenda...
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They act like Trump personally does his taxes….sitting at the dinner table perhaps
Only 100 million dollars!? It should be 100 gazillion dollars! Amirite?
So says the NY Times, the paper that is so full of you know what it is not worthy of lining the bottom of a bird cage.
Oh for crying out loud -
“There is no indication the I.R.S. challenged that initial claim, though that lack of scrutiny surprised tax experts consulted for this article. But in 2010, Mr. Trump and his tax advisers sought to extract further benefits from the Chicago project, executing a maneuver that would draw years of inquiry from the I.R.S. First, he shifted the company that owned the tower into a new partnership. Because he controlled both companies, it was like moving coins from one pocket to another. Then he used the shift as justification to declare $168 million in additional losses over the next decade.”
This is BS and a perfectly common business tactic.
He didn’t “double dip” the write off. He wrote off the BUILDING investment. The 168 million deductions on the new company come from OPERATING investments from year to year by the NEW company that took over the building.
It doesn’t matter if it’s still “him” taking the deductions. LEGALLY it’s a different entity.
And the IRS still won’t investigate Biden or Clinton…
That’s the commie way. Until they take a dirt nap they continue to try to destroy you and the Republic.
I’m sure there will be a very good reason that the court case that results simply must start in about two weeks.
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