Newly uncovered tax documents show Trump 'kept two sets of books for his buildings in New York City

Daily Mail (UK) ^

[Jewbacca]

Yes, one set was GAAP accounting (for banks, which require accrual) and one set was tax accounting (for taxes).

Every company of any size has this because banks want accrual and taxing authorities want tax.

And they diverge. For example, I. 2017 Trump prepaid insurance for 2018. The cost shown in 2017 for tax was the entire amount. The GAA0 accrual method shows less as the expense is accrued over to 2018.

This story is one of the most patently dishonest things I’ve ever read.

[USS Alaska]

When I was in the bar business, I really did keep two sets of books and the feds never saw mine.

They had very strange rules, and back in the 70s cash was a great leveler, today, not so much.

We did many things "off the books", and as much as I hate the feds, I'm only sorry, I didn't do more.

With all of the tracking methods that are in place today, I wouldn't have a clue how to operate "close to the line".

[Mouton]

Excellent example.

[Chickensoup]

No kidding.

Of course the properties have a tax value and a bank value.

Fools have nothing burger

[chrisser]

With all of the tracking methods that are in place today, I wouldn't have a clue how to operate "close to the line"

I've wondered about this too in a general sense. I'm sure various agencies have the power to put you under a microscope if the need arises. The question is, how much can they do to everyone generally, and how much is recorded so they can come back and do it later.

I wish I believed that, if the feds had the ability to survey everyone, they would address the blatant criminal activity that we see, from border jumping, to identity theft, to waste/fraud/abuse by government employees to corruption in government leadership. But, I don't believe the absence of seeing that result means they don't have that power.

I'm sure that if we ever do push back hard against the deep state, we'll find out in short order just what they're capable of.

[fruser1]

The reality is that there ARE different numbers for lenders and governments.

That’s why, when you buy or sell a house, the price is usually not equal to the assessed value. Your loan is based on anticipated market value. Commercial properties, like Trump’s, adds the complicating factor of anticipated revenue.

[ncalburt]

DM the trump hate site.
Trump won a huge court settlement against this
left wing hater rag .

[yldstrk]

I do divorces for people and we always need an appraisal by a certified appraiser to determine value of a property and the appraised value for taxes is totally different.

[Will88]

I think taxing authorities assess the value of physical structures, while lenders would be interested in the value of physical structures plus future earning potential.

Things could differ in various jurisdictions, but I don’t think property taxes are assessed on future earnings potential.

[Lee'sGhost]

From NewsBusters:

ProPublica is a liberal investigative journalism outfit that has received $300,000 from George Soros’ Open Society Foundations since 2000 and millions of dollars from the liberal Sandler Foundation.

[tired&retired]

I’ve been through this process all the way to the Appeals Court where I won.

[stockpirate]

Fake News

[lastchance]

I thought two sets of books in such financial situation was rather common. Who would want to show potential investors all financial information? Some of which I am sure is private.

[PghBaldy]

I was shocked at how new ProPublica is. I consider it a looney leftist outfit https://en.wikipedia.org/wiki/ProPublica#%22An_Unbelievable_Story_of_Rape%22

[BobL]

We get it, and Romney hasn’t paid taxes in 10 years either.

[Jewbacca]

Yeah it’s their big “smoking gun” example of fraud.

What it does, in reality, is expose what a joke this is.

[AppyPappy]

I’m going to go out on a limb and say Trump didn’t do his own accounting work.

[rrrod]

Daily Mail is worse than CNN when it comes to Trump.
They lost a huge settlement to our Prez...bout $150million.

[Pollard]

“”” The website claims “””

No need to read any further

[richardtavor]

“Lock him up!” Cried wolf boy, for the 27th time...lol