Which reminds me, Bugsy was on last night.
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It has been my name for him the past three years. I hope to push it up in Google and Twitter references, because I know it will drive President Biff crazy. His birth name should be stricken from the records, his legacy forgotten. I want to make him suffer the Bard’s Curse, though I know it is futile.
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Not at all. The purpose is to turn someone’s illegally obtained funds into funds which have a plausible legitimate expectation and which they have access to.
I don’t think anyone thinks Trump would be trying to launder his own illegally obtained funds for himself.
But if someone were to give/lend him $300 million of dodgy money and ensure he spends it on loads of shit from their buddies/connected persons, thereby creating $3 million in ‘legitimate’ business profits for them, they’d perfectly happy with that kind of result.
I agree though that the more likely explanation is that Trump is just seriously incompetent and a terrible businessman.
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I was talking to an acquaintance who is an accountant about this Trump story. Its actually the second time its circulated. I was familiar with it from the first time.
The curious thing about the loss is that it clearly wasn’t really a Trump loss. It was his investors’ loss. So why did Trump claim fully a loss which was only partially his?
The theory presented was that the IRS has a 6 year statute of limitations and thin resources. Since Trump didnt show any profits within the 6 years, functionally there was no financial impact of his claiming the full loss rather than his proportional loss. However, these losses can be deducted from any profits where they exist without time limitation. After the 6-year statute of limitations is up, the IRS cannot challenge the original tax return. At which point Trump is free to declare profits and never pay tax on them. The IRS would have made a decision at the time of the original tax return regarding whether to challenge. Since there was no profit there would have been no point challenging, at least that that point. A billion dollars of paper losses illegitimately deducted from profits and nothing the IRS can do about it due to a small mis-judgment.
Nasty, but very smart. The kind of thing I would expect a rather shady accountancy firm in NYC to suggest.
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For large values of some.
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Yup.
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I’m going to give Earhardt some credit here. I can get behind the word "impressive* for Trump’s losses.
(I might also describe them as “remarkable” or “incredible”. They range on “awesome”.)
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That’s just fucking awful.
Trump is as Trump does.
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