First of all, Trump supporters are praising him as the world's leading tax genius for working the system to his advantage. No one but Trump can work through the tax codes the way he can. When he isn't watching Fox or playing golf, he is reading through the latest revisions to find the tiniest loopholes. Yeah, right. Trump can't add, can't spell, and can't read but he is supposed to understand the tax codes?
http://www.youtube.com/watch?v=iMIKzUAY8n4
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Mazars has a restricted "back room" where a team of accountants works on Trump / Trump Org taxes full time, 24/7/365. Those are the geniuses who try to figure out how to implement Trump's orders. As one of the comics noted. when the accountants said he owed $897 in taxes in 2017, Trump said, "Not good enough, find a way to knock it down some more!" so they got it down to $750. That is the extent of Trump's tax genius.
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Which brings me to my next prediction ....
Posted By: inicky46
Re: Yep, Trump loves refunds. Like the $72 million refund he got years ago.
Trouble is, the IRS is contesting it and if Trump loses he'll owe them the full amount plus interest. Or about $100 million. I guess that's the same $100 million he was going to give his campaign. Wonder what happened to that???? LMAO
http://www.nytimes.com/interactive/2020/09/27/us/donald-trump-taxes.html That $72 million refund came about from a few factors but the main point is that Trump declared to the IRS that he "had “determined that his partnership interests [in Trump Entertainment Resorts] are worthless and lack potential to regain value” and was “hereby abandoning” his stake." (His stake being valued at over $700 million.) Very shortly (~one week) afterwards, Trump Ent Res (I didn't want to abbreviate it "TER") declared bankruptcy. To gain a tax benefit from the $700 million loss, the person must not receive anything of value in return for the abandonment. There's the rub. "And Mr. Trump does appear to have received something. When the casino bankruptcy concluded, he got 5 percent of the stock in the new company."
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Trump told the IRS: abandonment (loss), nothing of value (gained). The records show he was given 5% of the new company that emerged from the bankruptcy. There goes the justification for the $72 million refund that was issued based on the filer's word of honor, before being completely investigated. THAT, it seems, is the issue that has been in contention and unresolved for more than 8 years. Trump refuses to settle, hoping, I guess, to outlast the IRS.
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I predict: 1. Trump will lose the case and be forced to repay as much $72 million + interest = more than $100 million. 2. The amount might get negotiated to some lower value, maybe $72 million.
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And my final and most confident prediction is that TRUMP WILL SUE THE ACCOUNTANTS WHO PREPARED THE TAX REFUND PAPERS FOR $500 million (actual damages plus Trump's perceived damage to his image as a brilliant, honest businessman). The Roy Cohn Strategy.
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(
http://themoscowproject.org/collusion/trump-sues-deutsche-bank-3-billion/ "In November 2008, Trump has difficulty making payments on the $640 million Deutsche Bank loan – $40 million of which he guaranteed personally – taken out to finance the construction of the Trump tower in Chicago. In classic Trump fashion, he sues the bank for $3 billion ..." )