I’ve always been told that if you’re rich and your accountants can’t have you broke on paper, they’re doing it wrong.
*Bonus*. This story was back in the days when one could actually run a company as a tax loss. 100% ( or more ) non taxable. Pop culture references to that include Colonel Cargill from “Catch-22” or “The Blue Moon Detective Agency” from the show “Moonlighting.” Not sure if such a practice is illegal now or just not worth doing.
There is nothing wrong or illegal about declaring losses in your business. That’s what all those deductions are for. What a nothing story!
And if not Colonel Cargill, then Milo Minderbinder (I make up for it in volume) and everyone gets a share.
You can only do it for 5 years, and then I think you have to start over. Lather, rinse, repeat...