DJT Lost $1B

Posted on October 3, 2016 by markinaustin

Assuming DJT lost @$1B in one year, his loss carry forward is check the box stuff, neither “genius”(Giuliani) nor “meretricious”or “suspect”(his media critics apparent take-away).

Somehow the media, by missing this point, has lost focus on the fact that this con man

lost one billion dollars.

—

A  purely technical point: any losses that resulted in debt cancellation, either through bankruptcies or agreement, generated income to him if he benefited from the cancellation. This is probable, due to what has been revealed in litigation about the structure of his businesses.  I begin to understand why DJT gets audited a lot.

I used to get audited a lot, but always ended up with tax savings through the audit because I purposely overpaid my taxes for years with the foreknowledge that I was being targeted.

FWIW, targeting is sometimes intentional, sometimes the result of one asshole in a bureaucracy, and actually usually based on the “flags” the computer looks for.  I had “flags” because of – wait for it – real estate investments.

And when the S&L crisis hit in the 80s and my little empire almost went under, costing me hundreds of thousands – but NOT A BILLION – I got audited for my loss carry-forwards.  For the last twenty years I practiced, sans multiple real estate investments, I was never audited.  No flags on simple returns.

Filed under: Open Thread |

« »

12 Responses

  2. markinaustin's avatar
    markinaustin, on October 3, 2016 at 8:56 am said:

    I do not understand why I can space between paragraphs at the beginning of a post and why I cannot do it at the end of the post.

    Like

    Reply
    • ScottC's avatar
      ScottC, on October 3, 2016 at 9:43 am said:

      mark:

      I do not understand why I can space between paragraphs at the beginning of a post and why I cannot do it at the end of the post.

      I don’t know, but I looked at your post and there is all kinds of extraneous html in it, mostly of the “div class=gmail_default” variety. I have no idea why that appears or even what it means, but it could have something to do with why the paragraph spacing gets screwy.

      Like

      Reply
      • markinaustin's avatar
        markinaustin, on October 3, 2016 at 10:11 am said:

        Thanx, Scott. That was it. I copied-pasted from an email I sent to a friend who was all excited about DJT’s tax avoidance. Got rid of gmail tags and it now works.

        Amazing spins. There is no CPA practicing in the USA who would not ck the box. When you lose money, you don’t pay tax. That is why it is called income tax.

        Liked by 1 person

        Reply
        • Kevin S. Willis's avatar
          Kevin S. Willis, on October 3, 2016 at 10:59 am said:

          I noted the same on Plumline, briefly. That anybody is going to write off losses, no matter how accrued, if they can. Nobody is going to pay more than they have to.

          Like

        • ScottC's avatar
          ScottC, on October 3, 2016 at 12:10 pm said:

          KW:

          Nobody is going to pay more than they have to.

          But you can avoid being condemned by the left while doing so, and perhaps even get feted by it, provided you proclaim that taxes should be higher as you avoid them. See Buffet, Warren.

          Liked by 1 person

  3. Kevin S. Willis's avatar
    Kevin S. Willis, on October 3, 2016 at 9:42 am said:

    “For the last twenty years I practiced, sans multiple real estate investments, I was never audited. No flags on simple returns.”

    Brilliant. You should be president!

    No, seriously, I’d much, much, much rather you be president than either of the doofuses running.

    Liked by 1 person

    Reply
    • markinaustin's avatar
      markinaustin, on October 3, 2016 at 9:55 am said:

      As the first to have been my supporter, you can have your choice of State, Defense, or Treasury. Or a gilded Ambassador appointment.

      Also, I will need a VP who knows his way around DC. NoVA. I intend to telecommute by remote but secured gummint server from Austin, making weekly appearances at ribbon cutting events in places like Tahoe, Bourbon Street, and Vancouver. What, Vancouver is in Canada?

      Liked by 1 person

      Reply

Be kind, show respect, and all will be right with the world.