Play Nice 45th President of the United States: Donald Trump - Part 16: One-Hit Wonder

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Aug 12, 2012
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Part 17 of this thread is here ->

Joe Biden, 46th President Thread is over there ->

Presidential Election Aftermath thread is here ->
 
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Wont be no win no fee lawyers

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"Donald Trump suffered a major setback on Monday in his long quest to conceal details of his finances as the U.S. Supreme Court paved the way for a New York City prosecutor to obtain the former president’s tax returns and other records as part of an accelerating criminal investigation"


 
Numerous claims by Mr. Trump of generous philanthropy fell apart upon examination of his tax returns, which raised questions about both the amount of certain donations and the overall nature of his tax-deductible giving. For example, $119.3 million of the roughly $130 million in charitable deductions he claimed since 2005 turned out to be the estimated value of pledges not to develop real estate, sometimes after a planned project fell through.
At least two of those land-based charitable deductions, one related to a golf course in Los Angeles and the other a Westchester estate called Seven Springs, are known to be part of the civil inquiry by Ms. James, who is examining whether appraisals supporting the tax write-offs were inflated.
More broadly, the tax records showed how the public disclosures he filed as a candidate and then as president offered a distorted view of his overall finances by reporting glowing numbers for his golf courses, hotels and other businesses based on the gross revenues they collected each year. The actual bottom line, after losses and expenses, was much gloomier: In 2018, while Mr. Trump’s public filings showed $434.9 million in revenue, his tax returns declared a total of $47.4 million in losses.
And such dire numbers were not an anomaly. Mr. Trump’s many golf courses, a core component of his business empire, reported losses of $315.6 million from 2000 to 2018, while the income from licensing his name to hotels and resorts had all but dried up by the time he entered the White House. In addition, Mr. Trump has hundreds of millions of dollars in loans, much of which he personally guaranteed, coming due in the next few years.
Trump faces a potentially devastating I.R.S. audit focusing on the huge refund he claimed in 2010, which covered all the federal income taxes he paid from 2005 to 2008, plus interest. Mr. Trump repeatedly cited the ongoing audit as the reason he could not release his tax returns, after initially saying he would, even though nothing about the audit process prevented him from doing so.
If an I.R.S. ruling were to ultimately go against him, Mr. Trump could be forced to pay back more than $100 million, factoring in interest and possible penalties, in addition to some $21.2 million in state and local tax refunds that were based on the figures in his federal filings.
 
"Donald Trump suffered a major setback on Monday in his long quest to conceal details of his finances as the U.S. Supreme Court paved the way for a New York City prosecutor to obtain the former president’s tax returns and other records as part of an accelerating criminal investigation"



Do they get to see his health plan, too?
 
Numerous claims by Mr. Trump of generous philanthropy fell apart upon examination of his tax returns, which raised questions about both the amount of certain donations and the overall nature of his tax-deductible giving. For example, $119.3 million of the roughly $130 million in charitable deductions he claimed since 2005 turned out to be the estimated value of pledges not to develop real estate, sometimes after a planned project fell through.
At least two of those land-based charitable deductions, one related to a golf course in Los Angeles and the other a Westchester estate called Seven Springs, are known to be part of the civil inquiry by Ms. James, who is examining whether appraisals supporting the tax write-offs were inflated.
More broadly, the tax records showed how the public disclosures he filed as a candidate and then as president offered a distorted view of his overall finances by reporting glowing numbers for his golf courses, hotels and other businesses based on the gross revenues they collected each year. The actual bottom line, after losses and expenses, was much gloomier: In 2018, while Mr. Trump’s public filings showed $434.9 million in revenue, his tax returns declared a total of $47.4 million in losses.
And such dire numbers were not an anomaly. Mr. Trump’s many golf courses, a core component of his business empire, reported losses of $315.6 million from 2000 to 2018, while the income from licensing his name to hotels and resorts had all but dried up by the time he entered the White House. In addition, Mr. Trump has hundreds of millions of dollars in loans, much of which he personally guaranteed, coming due in the next few years.
Trump faces a potentially devastating I.R.S. audit focusing on the huge refund he claimed in 2010, which covered all the federal income taxes he paid from 2005 to 2008, plus interest. Mr. Trump repeatedly cited the ongoing audit as the reason he could not release his tax returns, after initially saying he would, even though nothing about the audit process prevented him from doing so.
If an I.R.S. ruling were to ultimately go against him, Mr. Trump could be forced to pay back more than $100 million, factoring in interest and possible penalties, in addition to some $21.2 million in state and local tax refunds that were based on the figures in his federal filings.

Art of the deal lol
 
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