Legal, Shmegal, Donald.

[pepperbear]

Last edited Sun Oct 2, 2016, 03:40 PM - Edit history (1)

If it was a legal loophole that allowed you to avoid paying taxes for the better part of 20 years, and now your surrogates think you're a genius...

WHY WERE YOU AFRAID TO SHOW US YOUR RETURNS BEFORE AND WHY ARE YOU THREATENING LAWSUITS AGAINST THE NEWSPAPER THAT BROKE IT IF YOU "DID NOTHING WRONG?"

because you knew how it would look.

[panader0]

1. It's my bet that he 916 million loss he claimed is BS.

I'd like to see what he based his figures on.

[2naSalit]

2. Me too.......nt

[csziggy]

4. Trump ddi havea LOT of losses and collapse of his business house of cards around 1990

Trump acquired the Plaza Hotel in Manhattan in 1988. He paid $400 million for the property and once again tapped Ivana to manage its operation and renovation.[60]

Later in 1988, Trump acquired the Taj Mahal Casino in Atlantic City, New Jersey, in a transaction with Merv Griffin and Resorts International.[61] The casino was opened in April 1990, and was built at a total cost of $1.1 billion, which at the time made it the most expensive casino ever built.[62][63] Financed with $675 million in junk bonds[64] at a 14% interest rate, the project entered Chapter 11 bankruptcy the following year.[65] Banks and bondholders, facing potential losses of hundreds of millions of dollars, opted to restructure the debt.

The Taj Mahal emerged from bankruptcy on October 5, 1991, with Trump ceding 50 percent ownership in the casino to the bondholders in exchange for lowered interest rates and more time to pay off the debt.[66] He also sold his financially challenged Trump Shuttle airline and his 282-foot (86 m) megayacht, the Trump Princess.[64][67][68] The property was repurchased in 1996 and consolidated into Trump Hotels & Casino Resorts, which filed for bankruptcy in 2004 with $1.8 billion in debt, filing again for bankruptcy five years later with $50 million in assets and $500 million in debt. The restructuring ultimately left Trump with 10% ownership in the Trump Taj Mahal and other Trump casino properties.
http://www.democraticunderground.com/?com=post&forum=1002&pid=8202155

While the 1995 tax papers show a nearly $916 million dollar loss it could have been carried forward from earlier years back to the 1991 collapse. The Wikipedia article says Trump Hotels & Casino Resorts filed for bankruptcy in 1994 and again in 1999 so Trump probably had increased the losses he could carry forward.

I wouldn't doubt that the 2008-9 recession gave him more losses to set off against any income he might have. Another huge carry forward loss could have triggered the claimed IRS audit (said to be for the years 2009-2015).

[avebury]

3. I want to know about the losses.

Did he rob the proverbial piggy banks and line his pockets leaving the various companies unable to pay their debts? If not, explain the losses? It sure looks like he is not much of a businessman.

[SunSeeker]

5. The rich are able to take the gamble with other people's money.

Then they just go bankrupt and walk away.

It's all the little people who pay for the losses by taking the hit: the unpaid hotel workers, painters, caterers, etc. who get legally stiffed by the rich in their chapter 11 bankruptcies.

That is Trump's business plan: taking other people's money.