TSF Is Treated Differently Than Hunter Biden re: Taxes

[gab13by13]

Former President Donald Trump used a dubious accounting maneuver to claim improper tax breaks from his troubled Chicago tower, according to an IRS inquiry uncovered by ProPublica and The New York Times. Losing a yearslong audit battle over the claim could mean a tax bill of more than $100 million.

The 92-story, glass-sheathed skyscraper along the Chicago River is the tallest and, at least for now, the last major construction project by Trump. Through a combination of cost overruns and the bad luck of opening in the teeth of the Great Recession, it was also a vast money loser.

But when Trump sought to reap tax benefits from his losses, the IRS has argued, he went too far and in effect wrote off the same losses twice.

The first write-off came on Trump’s tax return for 2008. With sales lagging far behind projections, he claimed that his investment in the condo-hotel tower met the tax code definition of “worthless,” because his debt on the project meant he would never see a profit. That move resulted in Trump reporting losses as high as $651 million for the year, ProPublica and the Times found.

There is no indication the IRS challenged that initial claim, though that lack of scrutiny surprised tax experts consulted for this article. But in 2010, 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 IRS. 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.

So Trump claimed his Chicago Tower qualified as "worthless" which allowed him to deduct 651 million dollars in losses, and the fucking IRS didn't investigate that deduction? WTF.

Then Trump creates a holding company, which he owns, and double dips on another 168 million dollar deduction on his Tower.

Here is what really pisses me off. Hunter Biden failed to pay 1.4 million dollars in taxes, he has since paid his taxes and yet Merrick garland appointed a Trump goon, special counsel Weiss, who is taking Hunter to court over his taxes and is asking that Hunter be thrown in jail, for several years.

TSF cheated on his taxes, IMO, and there is zero talk of him facing jail time. He just has to pay back 100 million. In the fairness of not being partisan I think that Garland should appoint a pro-Biden special counsel to go after TSF's tax fraud.

https://www.propublica.org/article/trump-irs-audit-chicago-hotel-taxes

[gab13by13]

1. Oh I forgot

Starting in 2010 TSF has claimed a 72.9 million dollar refund.

Wonder what the IRS will do if I claim a 651 million dollar deduction under dubious circumstances?

[maxsolomon]

11. He GOT that refund, too.

It's been under review by the Congressional JCOT for over 10 years. Even in 2021-2022 when Dems controlled the entire committee, then didn't do shit about it.

https://www.jct.gov/about-us/committee-members/

[rainy]

2. The left is always the underdog in

the press. The left is closer to representing the people than the right. Not catering to corrupt institutions and the rich and powerful, the left always has to try harder and harder for attention to their good works vs the do nothing right unless you are wealthy and powerful and need more.

[gab13by13]

3. The MSM will have to cover this

if Merrick Garland treats TSF the same way he treated Hunter Biden. One guy is to blame if this Trump crime is swept under the rug.

Hunter Biden has been investigated for 6 fucking years by Bill Barr and Merrick Garland. There was supposed to be crimes involving Hunter/Joe/Burisma/China. It was all Russian propaganda. Not good enough for Merrick Garland, he has to go beyond Burisma and appoint a pro-Trump special counsel to uncover Hunter lying on a gun application and Hunter not paying his taxes. Hunter was in the throes of drug addiction, he has since paid his taxes and beaten his drug addiction. His tax crimes are rarely prosecuted, and I mean rarely, especially when Hunter paid what he owed. Oh no, not good enough for Garland/Weiss. Hunter Biden is going to trial for his gun application crime and then Garland/Weiss want Hunter prosecuted for his tax crimes. Hunter can go to jail for several years.

TSF cheats on his taxes to the tune of 100 million dollars and it should be more than that. Hunter only owed 1.4 million and yet there is no talk of criminally prosecuting TSF. This isn't a problem of poor MSM coverage, this is a problem involving a partisan US Attorney General who is treating Hunter Biden differently than TSF.

[ananda]

4. The left is held to an actual moral and ethical standard...

that does not apply to the right.

I hate double standards.

[wolfie001]

9. Hunter's nonstop harassment and bullying/stalking is the antithesis of moral and ethical behavior

The Justice Dept has a very shaky foundation. They backpedal immediately for The Fat Don. Garland doesn't want to get involved. Why? I'm thinking billionaires are piloting his whole term in office. He has no actual power. My opinion. He takes orders from above and it's NOT Joe Biden. Spineless weasel.

[ananda]

10. I think you speaketh truth.

Verily

[wolfie001]

12. Thanks!!!

I'm not usually so outspoken but the frustration level has reached the boiling point. Cheers

[Farmer-Rick]

5. I was fined for not paying a quarterly tax estimate

After my spouse died and I hadn't gotten a handle on my taxes yet.

The IRS didn't care. They had to have their payments when they wanted them and how they wanted them. I am strictly middle class. Not rich and not poor.

And yet here is a know filthy-rich criminal who is clearly cheating on his taxes and the IRS ignores it....for years.

The IRS will gladly put you and I in jail for failing to pay what they think you owe them. But not if you are filthy-rich.

My grandfather who never finished the 8th grade because of the Republican Great Depression, had the IRS chasing him for years. He barely made $20,000 a year. Yet every April, for five years, the IRS had him in their offices to squeeze out that extra $60.

But a criminal like Trump they ignored for decades.

[gab13by13]

6. What frosts my arches

is the 100 million he most likely owes is from his double dipping deductions, an obvious con job, but

The IRS allowed him to claim his Chicago Tower was "worthless" because of a sluggish economy. No records, no numbers? Was that 651 million dollar deduction the value of the Tower? Yet the IRS did zero investigation on his 651 million dollar deduction.

[aggiesal]

8. From the article, it was worth $1.2B (yes a B) ...

From ‘$1.2 Billion’ to ‘Worthless’ ...

The Times and ProPublica calculated that the Chicago worthlessness deduction could have been as high as $651 million, the value of Mr. Trump’s stake in the partnership — about $94 million he had invested and the $557 million loan balance reported on his tax returns that year.

[Envirogal]

7. So much for Trump being "under audit"

He claimed for years, especially during the 2016 election, that he couldn’t release his taxes because he was being audited BUT he would gladly release them when that was over.

I have said for years that this long national nightmare would have been nipped at the onset if the GQP had just demanded their candidate release his taxes like all the other candidates had.

The obligation to release taxes has stopped many people from running for office. This needs to be a requirement.

Are you listening RFK Jr.?

[BWdem4life]

13. Thanks for the thread

P.S. it took me awhile to realize that the first 4 paragraphs were a snip and the rest was your commentary - maybe separate them with a line or something?