R
rdean
Guest
This is going to be an "after the election bombshell".
Remember when Trump said he legally avoided paying taxes for 18 years because he lost a billion in a single year? Uh oh, not so fast.
http://www.nytimes.com/2016/11/01/u...tax.html?referer=https://t.co/pOA1FORPe5&_r=1
But newly obtained documents show that in the early 1990s, as he scrambled to stave off financial ruin, Mr. Trump avoided reporting hundreds of millions of dollars in taxable income by using a tax avoidance maneuver so legally dubious his own lawyers advised him that the Internal Revenue Service would most likely declare it improper if he were audited.
But the opinion letters Mr. Trump received from his tax lawyers at Willkie Farr & Gallagher were far from the gold standard. The letters bluntly warned that there was no statute, regulation or judicial opinion that explicitly permitted Mr. Trump’s tax gambit. “Due to the lack of definitive judicial or administrative authority,” his lawyers wrote, “substantial uncertainties exist with respect to many of the tax consequences of the plan.”
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You can see the entire letter at the link.
Don't you see? When the investors and partners of Trump's casino's forgave Trump’s debt, that should have shown up in Trump’s taxes as income. But Trump didn't report it as income. Trump was reporting their loss as his loss. So he lied about his income and lied about his loss. That's what the story is telling us. This is huge.
And what other problems does he have?
Investigations have barely started into Trump's bribery charge.
The Trump foundation is a mess breaking at least a half dozen laws. It's already received one fine even before the first investigation started and has received a "Cease and Desist" order from the office of the Attorney General of New York.
And remember, Trump's base is uneducated and poor whites. NOT the people who would go to his hotels and resorts. And people with morals will probably avoid supporting this odious man.
Trump is in deep doo doo moving ahead years into the future.
Remember when Trump said he legally avoided paying taxes for 18 years because he lost a billion in a single year? Uh oh, not so fast.
http://www.nytimes.com/2016/11/01/u...tax.html?referer=https://t.co/pOA1FORPe5&_r=1
But newly obtained documents show that in the early 1990s, as he scrambled to stave off financial ruin, Mr. Trump avoided reporting hundreds of millions of dollars in taxable income by using a tax avoidance maneuver so legally dubious his own lawyers advised him that the Internal Revenue Service would most likely declare it improper if he were audited.
But the opinion letters Mr. Trump received from his tax lawyers at Willkie Farr & Gallagher were far from the gold standard. The letters bluntly warned that there was no statute, regulation or judicial opinion that explicitly permitted Mr. Trump’s tax gambit. “Due to the lack of definitive judicial or administrative authority,” his lawyers wrote, “substantial uncertainties exist with respect to many of the tax consequences of the plan.”
----------------------------------
You can see the entire letter at the link.
Don't you see? When the investors and partners of Trump's casino's forgave Trump’s debt, that should have shown up in Trump’s taxes as income. But Trump didn't report it as income. Trump was reporting their loss as his loss. So he lied about his income and lied about his loss. That's what the story is telling us. This is huge.
And what other problems does he have?
Investigations have barely started into Trump's bribery charge.
The Trump foundation is a mess breaking at least a half dozen laws. It's already received one fine even before the first investigation started and has received a "Cease and Desist" order from the office of the Attorney General of New York.
And remember, Trump's base is uneducated and poor whites. NOT the people who would go to his hotels and resorts. And people with morals will probably avoid supporting this odious man.
Trump is in deep doo doo moving ahead years into the future.
