Newly uncovered tax documents show Trump kept '2 sets of books' and may have committed financial fraud
Why run for president if you know your taxes are crooked? Lots of businessmen have shady tax issues but they don't run for president.
Al Capone went to prison for tax evasion. We're talking about millions of dollars in tax evasion. Most people would be in prison. Unless he's pardoned, Trump will spend the rest of his days in prison.
Nothing like a white tower expert who has a feeling. :lamo
Even now, retired, I keep two sets of books. One for tax purposes, the second for my own personal methods of judging my positions. I use the services of CPA and a tertiary attorney to assure myself that my tax obligations are fully met. However, tax required methods of bookkeeping do not provide complete data for determining vulnerabilities, liabilities or both short and long range goal positioning. Tax methodology does not show leaks and hidden gains of market values for positions in place. i.e. Land purchased at $100 per acre X years ago may now have a market value of $1,000 per acre or ¢10 per acre. Neither value, positive or negative, visible from tax methodology. On the books the value remains at $100 per acre, as amortized since the date of purchase, or not amortized, and still that $100 per acre. The same holds true for equity and commodity acquisitions.
45 years ago I bought my first wife an emerald and ruby necklace costing $4,600. Today, that necklace is worth $610,000. She passed and I still have the necklace having automatically accrued to me as heir by the entirety. For asset statements it still shows by its original purchase price. When I pass, my executor will have to sell it at its current market value so that my heirs receive fair distribution pursuant to my will, if they choose to sell. It is insured for current market value. Every now and then my daughters and daughter in laws borrow it to wear for special events in their lives. My granddaughter wore it at her wedding this summer to commemorate her lost grandmother. Otherwise it remains in a secure vault for future disposition. For sentimental reasons I refuse to let it go. My heirs may prefer to do the same with the necklace and other jewelry I bought my wife that has also greatly appreciated. Regardless, until it is sold it will never appear on any tax forms. And should it be sold after my demise, because my estate will be under taxing limits with the bulk of my assets already transferred to trusts, there will be no estate taxes, there will be no capital gains, because my heirs will receive it at its current value after it leaves my estate.
All my equities positions are in a separate trust for benefit of my issue, their issue and so on. While I live I am the sole manager, and when I die, management passes equally to my four children or their heirs if they predecease me. The trust pays its own gains taxes with its own Federal Id # because I occasionally convey a piece to acquire others. Even my art collection, with pieces purchased directly from artists at rock bottom prices compared to today's valuations are in a trust. Some are worthless, some appreciated at astronomical numbers. A simple piece of pottery purchased from Zakin for $30 50 years ago is today valued at $8k. And he is still alive.
Be thankful I'm not charging you for this lesson in money management.
