SK in CV wrote:flu

[no_such_reality]

[quote=SK in CV][quote=flu][quote=no_such_reality]Great article link Rich!

I’d guess as a starting place to look would be Trump Hotels and Casinos Resorts established in 1995 and BK’d in 2004 at about $1.8B in debt.

Which then renamed Trump Entertainment … that BK’d again in 2009 at another $1.2B.

If the business entity held the parked debt and failed to collect in nine years, an then another 5 would it still be enforceable?

Madoff debt parking ponzi scheme? Capone-esque tax avoidance?

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.