Anybody saying Trump never paid income taxes is a moron.
Statistically his chance of being is audited is 100%. You people really think the IRS is in cahoots with Trump and allowing him to skate on his income taxes? Really?
Jeebus, the desperation and insanity in this election is so over-the-top. I hear much more rational stuff from believers in ancient aliens. Congrats folks, you make them look reasonable by contrast.
Fern
Does anyone here pay more taxes than they owe? No? I didn't think so. Quit acting childish as though he has some kind of moral obligation to pay more in taxes. Uncle Sam will gladly take a check in any amount and cash it regardless of you owing it or not.
You have a billion other things to bash him on - mostly his general stupid comments and lack of noteworthy policy.
I don't think it's a very good article. he's throwing around some terms and code sections and vaguely implying some benefit that he doesn't adequately explain. In addition, he claims that Trump's tax professionals reduced the basis in property (hotels etc) and this somehow is a great benefit. However, if you look at the section 108, which he refers to, you'll see that the law requires NOLs must be reduced first. Reduction in the basis of property is way down at "E".
Section 108 (in part)
Fern
Someone else missed the humor of thisAnybody saying Trump never paid income taxes is a moron.
Statistically his chance of being is audited is 100%. You people really think the IRS is in cahoots with Trump and allowing him to skate on his income taxes? Really?
Jeebus, the desperation and insanity in this election is so over-the-top. I hear much more rational stuff from believers in ancient aliens. Congrats folks, you make them look reasonable by contrast.
Fern
i thought this story would have more teeth...
https://www.icij.org/blog/2016/09/t...-business-iranian-bank-later-linked-terrorism
That whooshing sound was his parody post going straight over your head.
Someone else missed the humor of this
uber lost 1.2 biliion so far this year. amazon has had close to, if not greater then billion dollar losses. are you hating on them?so a questionable Billion dollar loss, likely used to avoid taxes for the next two decades is no big deal to you?
acting childish would be ignoring the importance of this.
uber lost 1.2 biliion so far this year. amazon has had close to, if not greater then billion dollar losses. are you hating on them?
No, it's not.
If a person borrows money from a bank (or other investor/lender) and loses that money, the cancellation or forgiveness of that debt results in income (income from cancellation debt). So, it will net out to zero. (I borrow $980 million and lose it I have a loss of $980M. If I don't pay back the loan I have $980M of COD income resulting in -0-.)
Tax law provides for non-taxation of COD income under certain instances. If an exception to taxation applies then the amount not taxed must be applied to reduce N.O.L.s (or other items) so that there is no tax benefit.
The US gov is NOT that stupid.
Also, a person cannot take losses attributable to others on their tax return. So, Trump couldn't deduct loses actually born by others.
Fern
uber lost 1.2 biliion so far this year. amazon has had close to, if not greater then billion dollar losses. are you hating on them?
Does anyone here pay more taxes than they owe? No? I didn't think so. Quit acting childish as though he has some kind of moral obligation to pay more in taxes. Uncle Sam will gladly take a check in any amount and cash it regardless of you owing it or not.
You have a billion other things to bash him on - mostly his general stupid comments and lack of noteworthy policy.
Didn't the law allow for that back in 95 though, specifically for real estate developers.
Not everyone is running for the POTUS.
uber lost 1.2 biliion so far this year. amazon has had close to, if not greater then billion dollar losses. are you hating on them?
That politically compromised organization would give Trump a break? He would be their perfect target. Where's that call from the White House? OH yeah, in this case they are doing their job? Which is it? I'm so confused.Anybody saying Trump never paid income taxes is a moron.
Statistically his chance of being is audited is 100%. You people really think the IRS is in cahoots with Trump and allowing him to skate on his income taxes? Really?
Jeebus, the desperation and insanity in this election is so over-the-top. I hear much more rational stuff from believers in ancient aliens. Congrats folks, you make them look reasonable by contrast.
Fern
I do. It's because I'm lazy, but regardless, I could be paying less in taxes if I itemized and put in the effort to document everything.Does anyone here pay more taxes than they owe? No? I didn't think so. Quit acting childish as though he has some kind of moral obligation to pay more in taxes. Uncle Sam will gladly take a check in any amount and cash it regardless of you owing it or not.
Didn't the law allow for that back in 95 though, specifically for real estate developers.
No.
Congress really tightened up the laws regarding debt back in the late 70s/early 80s. To be able to take a deduction they really wanted to ensure the person had actually suffered an economic loss.
Fern
No.
Congress really tightened up the laws regarding debt back in the late 70s/early 80s. To be able to take a deduction they really wanted to ensure the person had actually suffered an economic loss.
Fern
According to a Tuesday column by Lee Sheppard in the tax industry publication Tax Notes, Trump may have benefited greatly in the 1990s from a tax loophole related to forgiven debts - a loophole that would have allowed him to deduct business losses on his personal income tax return, even if those losses were actually borne by banks that loaned Trump money and never got it back.
People often use "loophole" to refer to tax deductions they don't like, but this one was a loophole in the true sense of the word: a tax break created by legislative accident.
This loophole was the subject of a 2001 Supreme Court case, Gitlitz v. Commissioner, in which the IRS argued the relevant tax law could not have possibly meant what it appeared to say, which was that business owners could in some cases deduct losses they had not actually borne.
After the IRS lost that case, the loophole was closed by the Job Creation and Worker Assistance Act of 2002, a bill that then Sen. Hillary Clinton voted for and President George W. Bush signed. But that law only stopped taxpayers from using the loophole going forward; they were still allowed to benefit from tax losses they had booked through it in prior years, such as 1995.
This entire thread is a fucking joke. The IRS has been auditing Trump on and off for 20 years and has yet to find anything illegal. And yet folks still want him to release his tax returns because they want to harp on the fact that he probably doesn't pay taxes because he uses tax law to his advantage. Legally.
Holy shit. String him up because he operates his businesses intelligently. This is JUST as stupid as the Hillary email server bullshit. She was stupid. Not malicious. Or illegal (read the fucking FBI reports). Christ people, no wonder our country is where it is.
This entire thread is a fucking joke. The IRS has been auditing Trump on and off for 20 years and has yet to find anything illegal. And yet folks still want him to release his tax returns because they want to harp on the fact that he probably doesn't pay taxes because he uses tax law to his advantage. Legally.
Holy shit. String him up because he operates his businesses intelligently. This is JUST as stupid as the Hillary email server bullshit. She was stupid. Not malicious. Or illegal (read the fucking FBI reports). Christ people, no wonder our country is where it is.
This entire thread is a fucking joke. The IRS has been auditing Trump on and off for 20 years and has yet to find anything illegal. And yet folks still want him to release his tax returns because they want to harp on the fact that he probably doesn't pay taxes because he uses tax law to his advantage. Legally.
Holy shit. String him up because he operates his businesses intelligently. This is JUST as stupid as the Hillary email server bullshit. She was stupid. Not malicious. Or illegal (read the fucking FBI reports). Christ people, no wonder our country is where it is.
This entire thread is a fucking joke. The IRS has been auditing Trump on and off for 20 years and has yet to find anything illegal. And yet folks still want him to release his tax returns because they want to harp on the fact that he probably doesn't pay taxes because he uses tax law to his advantage. Legally.
Holy shit. String him up because he operates his businesses intelligently. This is JUST as stupid as the Hillary email server bullshit. She was stupid. Not malicious. Or illegal (read the fucking FBI reports). Christ people, no wonder our country is where it is.
Wait... if he's so genius at taxes, then why hide his tax returns? There's a disconnect there.This entire thread is a fucking joke. The IRS has been auditing Trump on and off for 20 years and has yet to find anything illegal. And yet folks still want him to release his tax returns because they want to harp on the fact that he probably doesn't pay taxes because he uses tax law to his advantage. Legally.
Holy shit. String him up because he operates his businesses intelligently. This is JUST as stupid as the Hillary email server bullshit. She was stupid. Not malicious. Or illegal (read the fucking FBI reports). Christ people, no wonder our country is where it is.