Thanks for the lengthy take without saying anything.

Posted on: September 28, 2020 at 09:57:18 CT

And I certainly don't require your interpretations. As I understand it, from public reporting, the trump organization is a flow through entity - I seriously doubt that there are many or ANY (certainly not 100) Federal filings associated). On the surface, with the apparent structuring, it would not make sense to put assets in anything other than LLCs or grantor trusts - if the foundation has been terminated (as advertised.)

We know that trump is a cheater - he cheats at golf and cheated on each of his wives, so cheating on his tax return (deducting the cost of hair cuts, stretching personal travel as deductible and inflating contribution valuations) certainly is a nothing-burger. Trumpers are not going to be offended by a supposed billionaire doing **** that they could never get away with.

The points of interest from me (as a CPA, with 25+ years of public and industry experience) are:
- did he run the payoffs to prostitutes through his tax return (given the arrangement of using Cohen's retainer as the payoff mechanism, this is most likely "yes")
- Did he get caught up in the Swiss banking program (either caught or enter into a voluntary disclosure program) - with hidden assets and income.
- The NOL issue is interesting, with hundreds of millions at stake apparently. A complex issue, that is beyond the intelligence of trump, as to whether COD income was recognized and/or basis adjusted, with respect to his bankruptcies and loan modifications.

Trump should have provided these returns in 2016, if he had nothing to hide.

Edited by tigerdb at 09:59:55 on 09/28/20