Trump runs for POTUS / Trumped Up! Part V

[Bob001]

...
When I said he has no partners I meant that nobody else owns the TO with him. So it is no biggie if he uses his company to buy mansions or whatever.

It is if he claims, say, that an investment mansion is his personal residence, or if one of his companies paid an inflated price for the mansion, sold it to another of his companies for less than he paid and then claimed a tax loss. It's not a matter of moving money from one bucket to another. It's a matter of the tax benefits he can create for himself and his businesses by keeping his money in multiple buckets.

 

[Dr. Keith]

When I said he has no partners I meant that nobody else owns the TO with him. So it is no biggie if he uses his company to buy mansions or whatever.

I think that is why the billion dollar loss on his personal income stands out so much. Shouldn't everything have been handled through the company to avoid such personal exposure?

 

[Skeptic Ginger]

It is if he claims, say, that an investment mansion is his personal residence, or if one of his companies paid an inflated price for the mansion, sold it to another of his companies for less than he paid and then claimed a tax loss. It's not a matter of moving money from one bucket to another. It's a matter of the tax benefits he can create for himself and his businesses by keeping his money in multiple buckets.

Sweetheart deal.

 

[eeyore1954]

It is if he claims, say, that an investment mansion is his personal residence, or if one of his companies paid an inflated price for the mansion, sold it to another of his companies for less than he paid and then claimed a tax loss. It's not a matter of moving money from one bucket to another. It's a matter of the tax benefits he can create for himself and his businesses by keeping his money in multiple buckets.

You should look up the IRS rules for related party transactions.

 

[Bob001]

You should look up the IRS rules for related party transactions.

Trump claims to operate more than 500 separate businesses around the world. His little boy claims that Trump's personal tax return runs to 12,000 pages. I suspect that with multiple partners in multiple countries, Trump can find ways around requirements that only apply to someone owning, say, 50% or more of a property. After all, Trump knows more about tax law than the IRS, right?
http://www.irs.gov/publications/p17/ch14.html#en_US_2015_publink1000172296

 

[Tony Stark]

It is if he claims, say, that an investment mansion is his personal residence, or if one of his companies paid an inflated price for the mansion, sold it to another of his companies for less than he paid and then claimed a tax loss. It's not a matter of moving money from one bucket to another. It's a matter of the tax benefits he can create for himself and his businesses by keeping his money in multiple buckets.

If that were possible, I imagine a lot more people than Donald Trump would be doing it. It wouldn't even be hard.

 

[Tony Stark]

I think that is why the billion dollar loss on his personal income stands out so much. Shouldn't everything have been handled through the company to avoid such personal exposure?

I believe that if you're the sole owner of a company, business losses count as personal losses.

 

[Bob001]

I believe that if you're the sole owner of a company, business losses count as personal losses.

Let's repeat, he's not the sole owner of the company. Three of his children share ownership.

 

[Dr. Keith]

I believe that if you're the sole owner of a company, business losses count as personal losses.

Only if you want them to. Or only if your creditors want you to.

 

[Ladewig]

More hypocrisy from the "family values" party.

The 2016 Republican platform describes pornography as "public health crisis that is destroying the lives of millions. We encourage states to continue to fight this public menace and pledge our commitment to children’s safety and well-being."

They picked quite the candidate.

 

[eeyore1954]

Trump claims to operate more than 500 separate businesses around the world. His little boy claims that Trump's personal tax return runs to 12,000 pages. I suspect that with multiple partners in multiple countries, Trump can find ways around requirements that only apply to someone owning, say, 50% or more of a property. After all, Trump knows more about tax law than the IRS, right?
http://www.irs.gov/publications/p17/ch14.html#en_US_2015_publink1000172296

If you say so. But if he is going to actually cheat on his taxes there are probably easier ways.

 

[Tony Stark]

Let's repeat, he's not the sole owner of the company. Three of his children share ownership.

You cited Wikipedia but it says that Donald is the 100% owner. It does also say the following: "It is owned and managed by Donald Trump, serving as chairman and CEO, and his three eldest children Donald Trump Jr., Ivanka Trump, and Eric Trump, serving as executive vice presidents." I guess that could interpreted to mean that the kids have ownership. But that is obviously not what it meant. The same article clearly lists Donald as the sole owner. Furthermore, the citation for the sentence in question takes you to http://www.trump.com/the-next-generation/ and all its says about the kids is that they are VPs.

Here is a WSJ article that says he is the sole owner.

As Mr. Trump heads into the general election, the conflicts-of-interest question is big and complex. That is because the Trump Organization, which is owned solely by him, consists mostly of operating assets, as opposed to passive investments. Hundreds of business entities, including some in foreign countries, own or manage hotels, commercial and residential real estate, golf resorts and even part of the reality TV show “The Apprentice.”

http://www.wsj.com/articles/donald-trumps-complex-business-ties-could-set-a-new-precedent-1467648334

 

[ZiprHead]

Hundreds allege Donald Trump doesn’t pay his bills

 

[sunmaster14]

If Trump's company is a passthrough, and he is involved in managing it, then losses of his company hit up on his personal return as ordinary losses which can be used to wipe out any kind of taxable income.

Regardless, as I have already explained once, Trump had personally guaranteed bank loans for his casinos to the tune of over $800 million. See here (emphasis added).

In an August 1990 report, New Jersey regulators noted the “sheer volume of debt” on Mr. Trump’s holdings: $3.4 billion, including $1.3 billion on the casinos and $832.5 million in loans personally guaranteed by Mr. Trump. Regulators warned then that “the possibility of a complete financial collapse of the Trump Organization was not out of the question.”

 

[Bob001]

....
Here is a WSJ article that says he is the sole owner.
....

I stand corrected. I continue to contend that his business is vastly more complicated than a corner store where the owner grabs an occasional candy bar. Trump can't just say "It's all mine, I can do whatever I want," at least where tax law is concerned.

 

[Dr. Keith]

If Trump's company is a passthrough, and he is involved in managing it, then losses of his company hit up on his personal return as ordinary losses which can be used to wipe out any kind of taxable income.

Making it a passthrough is a choice, though. No need for this to show up on your personal return unless you choose to take the losses personally or your creditors have forced you to take the debt on personally. If a business is doing halfway decent the debt is never personally guaranteed. But if the business is sketchy . . .

Regardless, as I have already explained once, Trump had personally guaranteed bank loans for his casinos to the tune of over $800 million. See here (emphasis added).

And didn't he write the book on how to use other people's money and never take on personal debt? I guess that is something he learned in 1990.

 

[Bob001]

If Trump's company is a passthrough, and he is involved in managing it, then losses of his company hit up on his personal return as ordinary losses which can be used to wipe out any kind of taxable income.

Regardless, as I have already explained once, Trump had personally guaranteed bank loans for his casinos to the tune of over $800 million. See here (emphasis added).

What does this actually mean? Did he pay off the loans? Or were they part of the casinos' (not his own, as he frequently emphasizes) bankruptcy? Was he liable for the loans, and he transferred his liability to the casinos, or what? What did his guarantee cost him personally? He has claimed he made big money in AC even when his businesses went bankrupt. Either it's all his, or it's not.

 

[NoahFence]

Hundreds allege Donald Trump doesn’t pay his bills

It's common knowledge at this point. His supporters don't care one lick. They're brainwashed.

 

[NoahFence]

I guess if Trump's guarantee is in bolded text, it magically makes it mean something?

 

[Tony Stark]

Hundreds allege Donald Trump doesn’t pay his bills

That makes him smart. He figured out that if you don't pay people that you hire, you get something for nothing. And since he has fiduciary responsibility to himself to make as much money as he can, you can't blame him for doing exactly that. Really, it is those people's fault for doing the work before being paid. If they were as smart as Donald, they would have demanded money up front and not done the work. How is it a bad thing that he is smarter than everyone? His genius ability to get what he wants without giving anything in return is why he should be President because instead of using his gift to benefit himself he will use it to benefit the American people.