That makes sense. Since he is supposedly audited almost every year it's surprising they didn't catch it.
Trump got a $21 million tax break for a conservation easement he granted on a property he only paid $7.5 million for
My tl;dr read on this whole thing is yes, the Trump defenders are technically right that everyone does this. You'd be hard pressed to find a real estate investor who doesn't push for the conservative appraisal method when dealing with a tax assessor while simultaneously trying to use the most aggressive appraisal method to get a bigger loan.
The catch though is that Trump seems like he's taken it to an extreme level with obvious fraudulent intent; furnishing bull information to appraisers, overtly misstating square footages, etc...there's limits to how much you can do this and Trump clearly went way overboard.
That makes sense. Since he is supposedly audited almost every year it's surprising they didn't catch it.
Cash flowing golf courses typically sell for around ~8x EBITDA (or a 12.5% cap rate in real estate terms).
Using a 30:1 price to sales ratio for a golf course (or any other type of real estate investment for that matter) is ing absurd. The only way that would ever happen is if it was a highly distressed property that's mostly vacant (and thus has almost no sales) in which case it's not being valued on a price to sale basis but rather on a replacement cost basis.
https://www.cbre.com/-/media/project...eview-2021.pdf
Could be mistaken but I think the environmental easements he's gotten on the Westchester properties is a focal point of the IRS audit that's been going for years.
Audited according to whom? I'm not even sure a single audit has occurred.
It's going to be years before there's ever a real fact finding that Trump did something illegal in this case, but I've gotta think the legal pressure is starting to weigh on Trump.
The 11th circuit panel he drew in Florida had an Obama appointee + probably the 2 most hackish right wing judges on that entire circuit, and the ruling against him there was unanimous, and he's not going to get any lucky federalist society judge breaks in NY.
No normal person would be able to run for president with so much litigation going on in the background.
who's gonna tell him?
What I mean is that no one would be able to do it without an insane amount of for ude and stamina that Trump just doesn't have.
That's absolutely why he's going to run again. He sees winning again as a get out of jail free card, and he's probably not wrong.
That saves him from the criminal probe in Florida, but it does jack to save him from the civil suit in NY.
I fully expect him to run again, I just think the amount of background noise is going to affect his ability to campaign and even pretend to be normal.
He's pretty overweight and clearly has dementia, wonder how long before he pops a vein and keels over
The consequences there are much less dire even if the suit continued into another Trump presidency.
I could be pretty bad in a debate, but Trump has and will be protected in a right wing media cocoon that will still give him all the airtime he needs. The new CNN will go soft on him as well. I think you'll be surprised at how normalized it's all going to get.I fully expect him to run again, I just think the amount of background noise is going to affect his ability to campaign and even pretend to be normal.
Explain how you think the new CNN will go harder on Trump now, Qhris.
Or just fold immediately as always.
Qhris folds immediately.
Oh you got a post in the 2 minutes it took me to post again
That's not even what I was laughing about
Why do you care so much about CNN, Beepbumper?
It's media exposure to old people who vote.
I don't watch it nor do I care about who is hosting what on the network.
It is when you're putting them for collateral. You can't claim it to be $300 million for a loan, then turn around and tell the IRS it's really $100 million. That's fraud plain and simple.
They do have to do with State property taxes if the State charges a percentage of the property value.
EDIT: I also see Will's note on that
What if Obama did all the same things trump has done?
I borrow using property for collateral all the time. The bank usually wants a financial statement but they always do their own appraisal of the collateral..
If he did it I would say he sucks too. Obama is a better man than Trump.
That's because you're small fish. When the bank comes back with the appraisal, you say yes, and sign the dotted line. You're not a recalcitrant fraudster.
This is exactly what the civil suit alleges, and goes beyond loans, but also tax and insurance advantages, which would include tax and insurance fraud.
He would have been lynched the minute he said, "russia- if you are listening"
There are currently 1 users browsing this thread. (0 members and 1 guests)