Honestly, a true expose on this would be wonderful just to educate people.[/quote]
Just out of curiosity for those with tax background, why would the IRS not have ruled on this over the past years? Is it he keeps rolling it into one entity, after another?[/quote]
They have. He’s said all years are closed I think prior to 2010. Any rulings are confidential unless subject to a court decision, which there haven’t been any. So we have no way of knowing whether this $900 million deduction withstood scrutiny.[/quote]
Actually you can go one step further. The only way Trump used it to ‘not pay taxes for 18 years’ like the NY Times implied is if the IRS looked at it and basically said, it’s Legit.
Or they said it wasn’t, backed it out and settled it like with any other audit.
Or he got whacked in a later year with debt forgiveness (like some homeowers post bubble)
Or, IMHO most likely, the BK debt passing game has been going on for a long time.