Just in time something easy-to-understand from Forbes [Getty Image]
The Ordinary Taxpayer’s Guide To The Extraordinary Story Of Trump’s Tax Returns
I have, however, read the very detailed article from the New York Times , which can be found here. I’m not inclined to summarize it for you - you can read it on your own - . . . if Trump wanted to release his tax returns - even in the middle of an audit - he could.
> One of the flaws of reviewing tax returns on their own is that they are not a reliable measure of a person’s net worth.
> Okay. Let’s talk tax specifics. First, what is depreciation, really? . .
This is why the Times noted that “Depreciation, though, is not a magic wand…” It doesn’t simply create losses out of thin air. You can read more about depreciation here.
Okay, got it. Now, how does cancellation of debt income work?
According to the Times, Trump failed to pay back at least $287 million since 2010. Normally, a failure to pay back that kind of debt would result in a taxable event.
> Is it a crime for the New York Times to have the returns? . . .The Times separately posted an Editor’s Note confirming that the returns were obtained legally. You can read it here.)
The Times raises some valid questions that shouldn’t be ignored. As I read through the article - and your questions - I’m reminded of something that departing IRS-CI Chief Don Fort used to stress: voluntary compliance is the basis of our tax system, and no one is above the law. "
POST SCRIP:
Trump’s Taxes Are Finally Leaked—What’s Next?
The Times investigation also showed that Trump is under audit by the Internal Revenue Service for a $72.9 million tax refund he claimed in 2010.
In a White House press conference on Sunday evening, Trump refuted the Times article, saying he had “paid a lot,” including payment of New York state income taxes. Regarding the ongoing audit, Trump commented that the IRS “does not treat me well. They treat me very badly.”
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