Are we thinking about the same thing on this one:
Posted By: marikod
There is also a possible $100 million tax lien the IRS may slap on Trump if it ever finishes its audit.
http://www.newyorker.com/news/our-columnists/trumps-seventy-three-million-dollar-tax-refund-is-the-biggest-outrage-of-all Trump’s Seventy-Three-Million-Dollar Tax Refund Is the Biggest Outrage of All.
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Basically, Trump's businesses were losing money left and right. It was the decade when Trump claimed on his taxes to have lost over $1 billion. He paid zero taxes and carried forward the business losses until the loss credits ran out. In the meantime, a new tax law had been passed that: "Proprietors who abandon loss-making businesses are allowed to claim some of the losses they incurred for tax purposes, but they have to give up the businesses entirely and ****not receive anything of value in return.**** Trump got something. When Trump Entertainment Resorts was restructured and placed under new ownership, he received five per cent of the stock in the successor company. “The materials reviewed by the Times do not make clear whether Mr. Trump’s refund application reflected his public declaration of abandonment,” the report says. “If it did, that 5 percent could place his entire refund in question.” ..."
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It turns out that Trump requested the refund w/o disclosing that he received shares in the restructured company. The refund (~$73M) was issued pending further review. "Michael Cohen, Trump’s former personal lawyer, was referring to [this refund] in his 2019 testimony to Congress, when he recalled Trump showing him a huge check from the U.S. Treasury and remarked that Trump “could not believe how stupid the government was for giving someone like him that much money back.” ..."
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Because the refund was fraudulently claimed, it can be reclaimed by the IRS, plus interest. That places the amount that Trump will have to pay back in excess of $100 M.
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(While looking for the above story, I also got this one that Trump lovers will appreciate.
http://www.washingtonpost.com/business/economy/as-its-stock-collapsed-trumps-firm-gave-him-huge-bonuses-and-paid-for-his-jet/2016/06/12/58458918-2766-11e6-b989-4e5479715b54_story.html As its stock collapsed, Trump’s firm gave him huge bonuses and paid for his jet.
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"... Many of those who lost money were Main Street shareholders who believed in the Trump brand, such as Sebastian Pignatello, a retired private investor in Queens. By the time of the 2004 bankruptcy, Pignatello’s 150,000 shares were worth pennies on the dollar. “He had been pillaging the company all along,” said Pignatello, who joined shareholders in a lawsuit against Trump that has since been settled. “Even his business allies, they were all fair game. He has no qualms about screwing anybody. That’s what he does.” ..."
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"Trump was the chairman of Trump Hotels and Casino Resorts in Atlantic City from 1995 to 2009, his only outing as the head of a major public company. During that time, the company lost more than $1 billion, financial records show. He also was chief executive from 2000 to 2005, during which time share prices plunged from a high of $35 to as low as 17 cents. Trump received more than $44 million in salary, bonuses and other compensation during his time at the company, filings show. ..."
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"... the company paid premium prices for two of Trump's deeply indebted, privately held casinos, the Trump Taj Mahal and the Trump Castle. In essence, he was both buyer and seller, able to set whatever price he wanted. The company bought his Castle for $100 million more than analysts said it was worth. ..."
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"As millions of dollars in shareholder value evaporated, the company gave Trump a $7 million pay package, including a 71 percent raise to his salary, financial filings show. Trump defended his compensation by telling the Wall Street Journal, "Other than the stock price, we're doing great." “He ran these companies into the ground,” Graef Crystal, an executive-pay consultant who watched the company at the time, said in an interview. ..."
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"The company lost money every year of Trump’s leadership, and its share price suffered. A shareholder who bought $100 of DJT shares in 1995 could sell them for about $4 in 2005. The same investment in MGM Resorts would have increased in value to about $600. ..."
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I know that MAGAs don't read these reports or don't believe them. I post them (with links) so independents can read further and learn about Trump from someone other than Trump and his cult.
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Table of Trump's Business Losses (which grew to exceed $1.15 B in the following years):