tag:blogger.com,1999:blog-4815867514277794362.post6781136266780855370..comments2024-03-08T06:18:28.125+11:00Comments on Bronte Capital: Some comments on the New York Times story about Donald Trump's tax returnsJohn Hemptonhttp://www.blogger.com/profile/03766274392122783128noreply@blogger.comBlogger70125tag:blogger.com,1999:blog-4815867514277794362.post-45780563207309763222020-03-20T12:06:35.706+11:002020-03-20T12:06:35.706+11:00Increasing contributions to retirement funds is a ...Increasing contributions to retirement funds is a perennial way to reduce a tax bill, and this isn’t changing under the new tax law. <br /><br /><a href="https://issacqureshi.co.uk/tax-specialist-in-london/" rel="nofollow">Issacqureshi Tax Specialist in London</a>Alex kenhttps://www.blogger.com/profile/07295354966241785684noreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-68563570435854748862018-01-06T23:48:22.775+11:002018-01-06T23:48:22.775+11:00The blog was absolutely fantastic, Lot of informat...<br /> The blog was absolutely fantastic, Lot of information is helpful in some or the other way. Keep updating the blog, looking forward for more content…. Great job, keep it up.<br /><a href="https://www.taxithere.com/IncometaxreturninVijayawada.html" rel="nofollow"> Tax Experts </a><br /><br />Anonymoushttps://www.blogger.com/profile/17682625097574894394noreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-54431955135784926782017-05-15T21:28:22.917+10:002017-05-15T21:28:22.917+10:00However I don't know if this applies to Trump&... However I don't know if this applies to Trump's situation. <br /><br /><br /><br /><a href="https://www.gclub-casino.com/" rel="nofollow">จีคลับ</a><br /><br /><br /><a href="https://www.golden-slot.com" rel="nofollow">goldenslot</a><br />UplayOnlinehttps://www.blogger.com/profile/07056159688537638797noreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-89733232648394654552017-05-15T21:24:52.376+10:002017-05-15T21:24:52.376+10:00Hi there. I am a CPA and am also extremely curious...Hi there. I am a CPA and am also extremely curious how Trump could have the "basis" to warrant these losses. Great to read previous comments about this.<br /><br /><a rel="nofollow">จีคลับ</a><br /><a rel="nofollow">โกลเด้นสล็อต</a><br /><a rel="nofollow">เล่นบาคาร่า</a>Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-33955311054828809592016-11-02T12:43:57.087+11:002016-11-02T12:43:57.087+11:00Might be time for a smug update ? That Pulitzer no...Might be time for a smug update ? That Pulitzer nod is getting a little closer....<br /><br />https://www.washingtonpost.com/news/wonk/wp/2016/11/01/a-big-dirty-secret-from-donald-trumps-tax-returns-has-been-exposed/<br /><br />jonnohttps://www.blogger.com/profile/09231501032665660654noreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-142883231387928522016-11-02T03:46:10.464+11:002016-11-02T03:46:10.464+11:00more on this from the times - http://www.nytimes.c...more on this from the times - http://www.nytimes.com/2016/11/01/us/politics/donald-trump-tax.html<br />Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-17315632442915426562016-10-07T15:23:19.253+11:002016-10-07T15:23:19.253+11:00Mr. Hempton: You almost understand this, but you ...Mr. Hempton: You almost understand this, but you don't really. In any given foreclosure or debt non-payment situation there is net loss or or net income to the debtor, not both. You left out the concept of cost basis. A few illustrations. I build an office building for $10. I put in $2 of my money and I borrow $8. No one rents space in my building. The bank takes my building. I lose $2 is the obvious answer. But let's dig a little deeper. I lost a building. As is common in real estate I was not personally liable for the debt so the bank does not sue me. But I have debt forgiveness or debt cancellation income of $8. But I lost a building that cost me $10. So my net loss is still $2. Now suppose in the same example, I hold the building for a few years. I take depreciation losses of $3. My cost basis therefore decreases from $10 to $7. The debt is still $8 because I paid interest but no principal. Now if I lose the building, I have debt cancellation of $8 against a cost of $7, thus $1 of income. It's painful because I just lost my building, I got no cash and the IRS says I owe taxes on $1. This is where "parking" might come in. If my father buys the debt and holds it and does not foreclose, I can delay realization of this $1 of phantom income, which is what we call income disassociated from cash receipts. If my building has come to be worth 10 cents, such a thing might be worked out with the bank. It will probably cost 20 cents. The key point is this: If Trump had a tax return that showed a $900,000,000 loss from projects gone bad, it means he lost $900,000,000 in real green dollars. It does not represent parked debt. No one parks debt to avoid a loss. If he parked the debt, the loss would not have been realized and would not be on his return, Ed Kickhamhttps://www.blogger.com/profile/14447967442546491240noreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-29918192602099194472016-10-06T14:49:30.203+11:002016-10-06T14:49:30.203+11:00A billionaire like Donald Trump is not free from C...A billionaire like Donald Trump is not free from Corporate Bankruptcy. Thank you John for the thorough assessment of Donald Trump's tax returns. As a lawyer, this is very helpful for me to understand the figure of Donald Trump's tax returns. Very informative. Donald Trump is a businessman and I don't see him as a next President of the USA.Marc Aaron Goldbachhttp://www.goldbachlaw.com/long-beach/noreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-76347913031455634192016-10-06T14:38:58.311+11:002016-10-06T14:38:58.311+11:00To NPR Listener:
There was a company called TRUMP...To NPR Listener:<br /><br />There was a company called TRUMP PLAZA HOLDING ASSOCIATES (filings through 1996-02-01). After the 1995 bankruptcy was over, it became: TRUMP ATLANTIC CITY ASSOCIATES.<br /><br />Here is the prospectus for TRUMP ATLANTIC CITY ASSOCIATES, filed April 12, 1996: https://www.sec.gov/Archives/edgar/data/791446/0000950130-96-001222.txt<br /><br />I don't believe it mentions anything about a "loss of the ability to take future depreciation".Joehttps://www.blogger.com/profile/14320951938844469501noreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-58148133421278019502016-10-06T01:53:32.739+11:002016-10-06T01:53:32.739+11:00See Lee Sheppard's article in Tax Analysis ent...See Lee Sheppard's article in Tax Analysis entitled "The Donald's Double Dip"; a good technical discussion of the likely issues and grandfathering of tax attributes that has been subsequently modified PayThePiperhttps://www.blogger.com/profile/09675439885252684796noreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-9713410578041766332016-10-05T05:23:56.684+11:002016-10-05T05:23:56.684+11:00The "cancellation of debt" issue has had...<br />The "cancellation of debt" issue has had me scratching my head from the beginning. I think this video explains the issue.<br /><br />http://www.cnn.com/2016/10/04/politics/donald-trump-republicans-reaction/index.html<br /><br /> It seems as if what we know about cancellation of debt is based on a revision of the tax code that only now applies to developers. About 1:18 into the video, a tax expert, Richard Lipton, explains that prior to 2002, developers could take the loss on the project, without taking a gain for cancellation of debt. He says this was a "quirk" that many, many developers benefited from. Apparently this was just a shockingly poorly written code section that has since been revised.<br /><br />It is very likely that many of the "great" developers availed themselves of this benefit and have had a leg up ever since! This is incredibly sad!Anonymoushttps://www.blogger.com/profile/04399449032206778133noreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-37466416819387488122016-10-05T05:17:56.010+11:002016-10-05T05:17:56.010+11:00Non-recourse refers to debtor/creditor relationshi...Non-recourse refers to debtor/creditor relationship; not to taxing entity. The forgiven debt would still be considered income for federal tax purposes.anonymoushttps://www.blogger.com/profile/16565225434121637846noreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-56000846917348094392016-10-05T03:57:26.609+11:002016-10-05T03:57:26.609+11:00Anonymous makes the key point. The "genius&qu...Anonymous makes the key point. The "genius" who manage to shield future income from taxes, did it by managing to lose a billion dollars in real estate, his supposed area of expertise.Juliohttps://www.blogger.com/profile/09574222958846949678noreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-36771382671604288842016-10-05T03:43:11.833+11:002016-10-05T03:43:11.833+11:00Sure, you probably caught something here that the ...Sure, you probably caught something here that the IRS completely missed, didn't even think about, in their yearly audits of Trump.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-82262196242656178042016-10-05T03:06:08.314+11:002016-10-05T03:06:08.314+11:00I think the 18 years to shelter income refers to t...I think the 18 years to shelter income refers to the max look back at the time - to the point of "discounting the $50" per year. The point made that he was a developer then (went broke) and became a figurehead for others afterwards rather than investing himself I've seen elsewhere. How any one manages to lose money in the casino business in a market with 30 million people is however mind boggling.<br /><br />BobBob Schriverhttps://www.blogger.com/profile/03032869236732750105noreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-74216240398329297472016-10-05T02:32:39.463+11:002016-10-05T02:32:39.463+11:00"Read Art of the Comeback. He discusses all o..."Read Art of the Comeback. He discusses all of this."<br /><br />Donald Trump has never written, let alone read a book before, and any 'discussion' is probably, true to his nature, very far from truthful.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-63986587434246860702016-10-05T01:45:18.710+11:002016-10-05T01:45:18.710+11:00May I suggest that people read the WaPo article be...May I suggest that people read the WaPo article below, which suggests that our host's assumption about the need for debt parking is not right<br />https://www.washingtonpost.com/news/powerpost/wp/2016/10/03/five-big-questions-from-trumps-tax-return-revelations/?hpid=hp_hp-top-table-main_5questions-7a%3Ahomepage%2Fstory<br />Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-76201683217044350742016-10-05T00:44:46.920+11:002016-10-05T00:44:46.920+11:00There is good basis for all of those practices. Th...There is good basis for all of those practices. There is abuse? Yeah, but that's a matter of implementation, not of ethical or moral justification for the rule.<br /><br />1- If you go into debt, at some point you will have to repay the principal. So you end up paying 100% of the asset. Thus, you're on the hook (and real the benefits) of the total asset. Nature of the beast. Equity gives you the full result of the operation, as good or as bad as it be. Debt gives you a defined benefit, no matter how good or bad things went.<br /><br />2- Interest is deductible because if you think about it, that's a cost to you and an income for your lender. The tax burden of that interest is your lender's to cover. At least in principle.<br /><br />3- Depreciation is not only about replacing assets. It's about correctly reflecting that an asset's value will be spread over time. If you didn't have depreciation, you would end up paying no tax on year 1, and have tax credits for a couple years afterwards. That's not something fun for the IRS. Businesses usually prefer faster rather than slower depreciation.1https://www.blogger.com/profile/13021239878367629633noreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-46044859145301324772016-10-04T23:54:08.733+11:002016-10-04T23:54:08.733+11:00This was explained on NPR yesterday by some guy wh...This was explained on NPR yesterday by some guy who wrote a Trump book. Apparently as part of his tax avoidance scheme, he decided to forgo the possibility of taking hundreds of millions of dollars in future depreciation on a bunch of Trump properties in exchange for taking those losses. Apparently this is allowed in the law. Then, since those properties were then worth much less because of the loss of the ability to take future depreciation, he spun them off into a new 1995 publicly traded company - Trump casinos, which then proceeded over the next years to lose hutge amounts of money while paying Trump like $50-100 mil in salary/compensation. So, he effectively parked the $900 mil in losses in "loss of the ability to take future depreciation" in his properties, which he then transferred to a publicly traded company, which then lost huge dollars in part because of those parked losses in the form of the inability to take depreciation. It would be very interesting to see whether the loss of future depreciation was disclosed to buyers of stock in the publicly traded company. Seems like multiple levels of potential fraud to me.NPR listenerhttps://www.blogger.com/profile/00545712151140153485noreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-26666830357706091472016-10-04T22:58:37.738+11:002016-10-04T22:58:37.738+11:00Wrong. There us no maguc here. Number 1 forgiven d...Wrong. There us no maguc here. Number 1 forgiven debt is treated as taxable income. Number 2 a person cannot write off more than what they have put in - called "basis." That money had to come from taxable income from I despise Trump but the only issue here is that this supposedly brilliant business man experienced such huge losses. Charwebhttps://www.blogger.com/profile/16791944421570717760noreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-5211732966147975342016-10-04T20:12:35.717+11:002016-10-04T20:12:35.717+11:00am a business man i offer loans kindly contact me ...am a business man i offer loans kindly contact me if you are interested on my email @ <br /><br />wicklaurelscapitalsoughtfirms@gmail.comDR UKAKAhttps://www.blogger.com/profile/18292720617879690734noreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-81060626344340071172016-10-04T15:28:41.248+11:002016-10-04T15:28:41.248+11:00This article says the same as Steven Zorowitz abov...This article says the same as Steven Zorowitz above:<br />https://theintercept.com/2016/10/03/it-takes-a-remorseful-tax-cheat-to-catch-a-tax-cheat-and-donald-trump-isnt/ Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-9087487393336814942016-10-04T15:10:24.622+11:002016-10-04T15:10:24.622+11:00What does John Hempton know about US tax law? The ...What does John Hempton know about US tax law? The answer is not very much, but that doesnt stop him from trying to influence the US election. ClassicGlobalTraderhttps://www.blogger.com/profile/01717693276747483404noreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-25056008108081796942016-10-04T12:35:56.691+11:002016-10-04T12:35:56.691+11:00https://assets.donaldjtrump.com/Tax_Doc.pdfhttps://assets.donaldjtrump.com/Tax_Doc.pdfAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-69909381154332817922016-10-04T11:46:59.841+11:002016-10-04T11:46:59.841+11:001.1 cents on the dollar of $916 million is $10.1 m...1.1 cents on the dollar of $916 million is $10.1 million.Arunhttps://www.blogger.com/profile/03451666670728177970noreply@blogger.com