Posted on 10/02/2018 12:41:13 PM PDT by Reno89519
Especially with St Barry of Oahu running things before DJT took office
The article is a nothingburger with a misleading headline
Used to be a standard practice for wealthy people to set up accounts for children and gift money to them. That way the taxes on the investments would be charged at the child’s lower rate.
Nothing dubious or unusual about that. I’m not going to bother to read the rest of the garbage because it’s likely lies and just more smear tactics.
I don’t care what happened way back then, I care about right now, and DJT has exceeded what I ever thought was possible.
So these Presstitutes can go suck an egg.
” All appropriate gift and estate tax returns were filed, and the required taxes were paid. “
from the article itself. So, how can they claim the opposite and have that title?
Because most people won’t read 14,000 word articles.
Maybe they can dig up another Access Hollywood tape.
Two of the paragraphs that raised an alarm for inaccurate reporting in this article are the following:
“The manipulation of values to evade taxes was central to one of the most important financial events in Donald Trump’s life. In an episode never before revealed, Mr. Trump and his siblings gained ownership of most of their father’s empire on Nov. 22, 1997, a year and a half before Fred Trump’s death. Critical to the complex transaction was the value put on the real estate. The lower its value, the lower the gift taxes. The Trumps dodged hundreds of millions in gift taxes by submitting tax returns that grossly undervalued the properties, claiming they were worth just $41.4 million.
The same set of buildings would be sold off over the next decade for more than 16 times that amount.”
Considering that these tax returns were certainly audited by the IRS and New York Tax authorities, that level of undervaluation is just not possible. People have to get a professional appraiser to do an appraisal of market value for each property in the tax return. The appraisers write up a report for every property, including their detailed appraisal methods. It’s just not possible that these properties could have been sold for over sixteen times the appraised value, unless Donald Trump and his siblings did major improvements to these properties.
The three writers for the NYT must have missed something here or the numbers they are using are just wrong. There’s no possible way that the market value of these properties could rise to more than sixteen times the appraised value in less than a decade without major improvements to the properties. So either Donald Trump and his siblings built new buildings on the land they received, and possibly removed old buildings, or the writers for the NYT just got the numbers wrong. If the Trumps tried to submit appraisals that grossly undervalued these properties, then IRS auditors would have easily noticed severe undervaluation when they read through the appraisal reports. So the NYT is all screwed up here, one way or another.
Regarding the company that bought supplies for Fred Trump’s properties, that sounds like a smart way to have one company negotiate with suppliers for all of the supplies and repair work for all his properties, and get substantial quantity discounts through large purchases and greater bargaining power. Then the purchasing company kept those discounts as earnings for that company. Sounds like a smart business operation to me. What is the NYT talking about here? This corporation would have been audited by a CPA firm and IRS auditors for sure, so there’s no possibility of fraud by this purchasing company.
The NYT is probably going to end up looking incredibly foolish and corrupt for publishing this article, and will end up apologizing to President Trump and his family.
#1. Re “Good for Trump” on his financial and business successes and “I wish I had a dad like Trump’s”.
Well, if the Donald wants another Jewish guy in the family, he can call me. My great grandfather, an immigrant from Russia, was a roofer. My grandfather, also an immigrant from Russia came over as a boy and worked with his father in their paint store (that came later). My father, a veterans of WW2 (CWS), worked in the paint store that became a wholesale plumbing supply store and lasted 50 years (during his serious to fatal illnesses, my sister and I ran the business for 12 years).
We believe in hard work, no matter what was given to us, as did our friends and their parents/grandparents.
Mr. President, you and I and my family have something in common - WE ARE NOT AFRAID OF HARD WORK (with a couple of wars thrown in).
Call me. I’ll bring the Gefilte fish, Brisket and Apple Cake.
Well hello!
lol
stupid biased article
over and over it states what the buildings sold for years later ... instead of stating what the buildings were appraised at by the local government tax assessors. This was done to try to make Trump look bad in the article.
Properties are almost always undervalued by local government tax assessors for various reasons. And when the government is telling you to your property is worth “X” and is asking you to pay taxes on that value... who are you to argue with them? LOL
Obviously, when your trying to get a loan. It is in your interest to argue that the value is not what is listed on the tax rolls.
This isn’t illegal.
HEY, NEW YORK TIMES? Why not investigate the financial ‘dealings’ of:
Hillary Rodham Clinton
Al Sharpton
Jesse Jackson
George Soros
The Kennedy Klan
Nancy Pelosi & Family
Diane Feinstein & Family (and her Chinese SPY!)
The Bush Cabal
Mrs. John McCain
and...
Feel free to add to the list, Freepers! People might actually READ The Slimes and you’d stop bleeding cash if you DID some REAL investigative reporting!
Exactly, what’s the point? That his father was generous? I’d do the same for my kids.
But the LSM narrative is that he didn’t earn his money and therefore he’s not smart and therefore he can’t improve the economy because he doesn’t understand business and shouldn’t be president.
I say, get over it.
Shep on Fox is going on and on today about this report. Drooling over the language of scams, and shams, fraud, tax evasion, etc. Really going overboard with the story, thinks he’s breaking news that will break President Trump. Comical really.
socialism_stinX wrote:
“Two of the paragraphs that raised an alarm for inaccurate reporting in this article are the following:
“The manipulation of values to evade taxes was central to one of the most important financial events in Donald Trump’s life. In an episode never before revealed, Mr. Trump and his siblings gained ownership of most of their father’s empire on Nov. 22, 1997, a year and a half before Fred Trump’s death. Critical to the complex transaction was the value put on the real estate. The lower its value, the lower the gift taxes. The Trumps dodged hundreds of millions in gift taxes by submitting tax returns that grossly undervalued the properties, claiming they were worth just $41.4 million.
The same set of buildings would be sold off over the next decade for more than 16 times that amount.”
Considering that these tax returns were certainly audited by the IRS and New York Tax authorities, that level of undervaluation is just not possible. People have to get a professional appraiser to do an appraisal of market value for each property in the tax return. The appraisers write up a report for every property, including their detailed appraisal methods. It’s just not possible that these properties could have been sold for over sixteen times the appraised value, unless Donald Trump and his siblings did major improvements to these properties.
The three writers for the NYT must have missed something here or the numbers they are using are just wrong. There’s no possible way that the market value of these properties could rise to more than sixteen times the appraised value in less than a decade without major improvements to the properties. So either Donald Trump and his siblings built new buildings on the land they received, and possibly removed old buildings, or the writers for the NYT just got the numbers wrong. If the Trumps tried to submit appraisals that grossly undervalued these properties, then IRS auditors would have easily noticed severe undervaluation when they read through the appraisal reports. So the NYT is all screwed up here, one way or another.
Regarding the company that bought supplies for Fred Trump’s properties, that sounds like a smart way to have one company negotiate with suppliers for all of the supplies and repair work for all his properties, and get substantial quantity discounts through large purchases and greater bargaining power. Then the purchasing company kept those discounts as earnings for that company. Sounds like a smart business operation to me. What is the NYT talking about here? This corporation would have been audited by a CPA firm and IRS auditors for sure, so there’s no possibility of fraud by this purchasing company.
The NYT is probably going to end up looking incredibly foolish and corrupt for publishing this article, and will end up apologizing to President Trump and his family.”
Good analysis & questions!
Why that story didn’t work during the election, and why it won’t work now, is that PDJT has gotten audited every year, and nothing major has come of it.
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