Political Wrinkles  

Go Back   Political Wrinkles > General Forum > News & Current Events
Register FAQDonate PW Store PW Trivia Members List Calendar Search Today's Posts Mark Forums Read

News & Current Events Discuss Trump Tax Returns Must Be Transmitted To House Panel, DOJ Says at the General Forum; Originally Posted by GottaGo One more time for the dense. Trump does not create the value of property used as ...

Reply
 
LinkBack Thread Tools Display Modes
  #21 (permalink)  
Old 08-02-2021, 06:40 PM
saltwn's Avatar
PW Enlightenment
 
Join Date: Oct 2007
Location: Esto perpetua
Posts: 86,382
Thanks: 56,713
Thanked 26,711 Times in 19,173 Posts
Send a message via AIM to saltwn Send a message via MSN to saltwn Send a message via Yahoo to saltwn
Default Re: Trump Tax Returns Must Be Transmitted To House Panel, DOJ Says

Quote:
Originally Posted by GottaGo View Post
One more time for the dense.

Trump does not create the value of property used as collateral for a loan. That value is determined by an independent appraiser hired by the loaning entity. Many factors are involved including potential value once developed.

If the tax accessor has declared the property value at X, then it is a valid number to use as a tax based value.

I'll send you a bill for the lesson.
Yes, Lady Grantham, I know how that works; and if the loan seeker/tax payer in question presents fraudulent paperwork, do you know how that works?
Reply With Quote
  #22 (permalink)  
Old 08-02-2021, 07:19 PM
Conservative Sage
 
Join Date: Mar 2010
Location: Scottsdale, AZ
Posts: 19,634
Thanks: 13,238
Thanked 14,365 Times in 8,301 Posts
Send a message via ICQ to AZRWinger
Default Re: Trump Tax Returns Must Be Transmitted To House Panel, DOJ Says

Quote:
Originally Posted by saltwn View Post
In the same time period, property reported as worth 30K to pay taxes on and presented to Deutsche Bank as worth 150K to secure a loan.
That would mean a twofer:
bank fraud and tax evasion.
No, it's an oh fer.

Real assets are carried on the books using a lower of cost or market method in compliance with GAAP standards. Assuming the property was purchased for $30 million that's it's appropriate book value. As collateral it's appropriate to use its market value. It's a clever way to raise capital while still retaining control over the property.

Of course the media hacks trying to create a scandal to propel them to the next phony Pulitzer have no understanding of business or accounting but look down on those who do. Giving them access to Trump's taxes is like giving a young child a meat cleaver with no direction on using it.
__________________
If Democrats were confident their nominee actually received more than 80 million votes they wouldn't have more troops occupying Washington, DC than Lincoln had defending the city during the Civil War. Not Joe Biden, Kim Jung Biden.
Reply With Quote
The Following User Says Thank You to AZRWinger For This Useful Post:
  #23 (permalink)  
Old 08-02-2021, 07:24 PM
Conservative Sage
 
Join Date: Mar 2010
Location: Scottsdale, AZ
Posts: 19,634
Thanks: 13,238
Thanked 14,365 Times in 8,301 Posts
Send a message via ICQ to AZRWinger
Default Re: Trump Tax Returns Must Be Transmitted To House Panel, DOJ Says

Quote:
Originally Posted by saltwn View Post
In the same time period, property reported as worth 30K to pay taxes on and presented to Deutsche Bank as worth 150K to secure a loan.
That would mean a twofer:
bank fraud and tax evasion.
No, it's an oh fer.

Real assets are carried on the books using a lower of cost or market method in compliance with GAAP standards. Assuming the property was purchased for $30 million that's it's appropriate book value. As collateral it's appropriate to use its market value. It's a clever way to raise capital while still retaining control over the property.

Of course the media hacks trying to create a scandal to propel them to the next phony Pulitzer have no understanding of business or accounting but look down on those who do. Giving them access to Trump's taxes is like giving a young child a meat cleaver with no direction on using it.
__________________
If Democrats were confident their nominee actually received more than 80 million votes they wouldn't have more troops occupying Washington, DC than Lincoln had defending the city during the Civil War. Not Joe Biden, Kim Jung Biden.
Reply With Quote
  #24 (permalink)  
Old 08-03-2021, 06:43 AM
GottaGo's Avatar
Sanity is overrated.
 
Join Date: Aug 2009
Location: Miles to go before I sleep
Posts: 13,510
Thanks: 11,969
Thanked 9,952 Times in 6,069 Posts
Default Re: Trump Tax Returns Must Be Transmitted To House Panel, DOJ Says

Quote:
Originally Posted by saltwn View Post
Yes, Lady Grantham, I know how that works; and if the loan seeker/tax payer in question presents fraudulent paperwork, do you know how that works?
Have you ever been through a commercial loan process? Ever piece of information is checked...

Tax returns both business and personal, multi-year, with K-1s for flow-through entities.
Prior year financials
Current year financials
Compiled/audited financials
Appraisal from independent entity
Tax records for said property
Statements of proposed improvements, if applicable
Proforma for profitability projections

Which of these would have been fraudulent? Which of these would not be verified? Please be specific.
__________________
Your life is the sum total of the choices you make.
If you don't laugh at yourself, a whole bunch of people will volunteer to do it for you
I never lose. I either win, or I learn....
Reply With Quote
The Following 2 Users Say Thank You to GottaGo For This Useful Post:
  #25 (permalink)  
Old 08-03-2021, 08:41 AM
PW Enlightenment
 
Join Date: Apr 2013
Gender: Male
Posts: 12,866
Thanks: 10,814
Thanked 8,719 Times in 5,161 Posts
Default Re: Trump Tax Returns Must Be Transmitted To House Panel, DOJ Says

Quote:
Originally Posted by saltwn View Post
you protest too much. I didn't say he was a gangster, I showed you the precedent for the Feds tipping off the IRS about a tax crime.
And what exactly is that tax crime?

What this is a leftist judge offering up the returns for a fishing expedition. There AFAIK been no accusation of a crime.
Reply With Quote
  #26 (permalink)  
Old 08-03-2021, 11:43 AM
Dog Man's Avatar
Down Boy!
 
Join Date: May 2013
Location: Southern Nevada
Gender: Male
Posts: 14,662
Thanks: 8,611
Thanked 7,884 Times in 5,263 Posts
Thumbs up Re: Trump Tax Returns Must Be Transmitted To House Panel, DOJ Says

Quote:
Originally Posted by Zenock View Post
I don't care about Trumps tax returns.

1. He's no longer President.
2. He made his money in the private sector.
3. If he's cheated on his taxes, I'm sure the IRS would/will go after him.

The tax returns I want to see is those of people who have worked in the public sector for 40 years, and are now worth millions of dollars. If the only job you've ever had has been as a senator or congress person and you have millions of dollars, I would very much like to know where that money came from.

Democrat or Republican

I would like to know how Obama got rich so fast. 12 million dollar mansion on the ocean?
__________________
"The freedom of speech is, in sum, our foremost protection against tyranny. Without it, a tyrant can work his will without any fear of his opponents uttering even one cross word."
Reply With Quote
The Following User Says Thank You to Dog Man For This Useful Post:
  #27 (permalink)  
Old 08-03-2021, 12:09 PM
cnredd's Avatar
Administrator
 
Join Date: Oct 2007
Location: Philadelphia
Gender: Male
Posts: 56,681
Thanks: 2,380
Thanked 38,155 Times in 21,427 Posts
Default Re: Trump Tax Returns Must Be Transmitted To House Panel, DOJ Says

Quote:
Originally Posted by Dog Man View Post
I would like to know how Obama got rich so fast. 12 million dollar mansion on the ocean?
Activism for the "poor" is one of the quickest ways to get rich...
__________________
"You get the respect that you give" - cnredd
Reply With Quote
The Following 2 Users Say Thank You to cnredd For This Useful Post:
  #28 (permalink)  
Old 08-03-2021, 12:41 PM
Dog Man's Avatar
Down Boy!
 
Join Date: May 2013
Location: Southern Nevada
Gender: Male
Posts: 14,662
Thanks: 8,611
Thanked 7,884 Times in 5,263 Posts
Default Re: Trump Tax Returns Must Be Transmitted To House Panel, DOJ Says

Quote:
Originally Posted by cnredd View Post
Activism for the "poor" is one of the quickest ways to get rich...
I wonder if any of the "poor" were invited to his 60th bash.
__________________
"The freedom of speech is, in sum, our foremost protection against tyranny. Without it, a tyrant can work his will without any fear of his opponents uttering even one cross word."
Reply With Quote
  #29 (permalink)  
Old 08-03-2021, 02:05 PM
saltwn's Avatar
PW Enlightenment
 
Join Date: Oct 2007
Location: Esto perpetua
Posts: 86,382
Thanks: 56,713
Thanked 26,711 Times in 19,173 Posts
Send a message via AIM to saltwn Send a message via MSN to saltwn Send a message via Yahoo to saltwn
Default Re: Trump Tax Returns Must Be Transmitted To House Panel, DOJ Says

Quote:
Originally Posted by AZRWinger View Post
No, it's an oh fer.

Real assets are carried on the books using a lower of cost or market method in compliance with GAAP standards. Assuming the property was purchased for $30 million that's it's appropriate book value. As collateral it's appropriate to use its market value. It's a clever way to raise capital while still retaining control over the property.

Of course the media hacks trying to create a scandal to propel them to the next phony Pulitzer have no understanding of business or accounting but look down on those who do. Giving them access to Trump's taxes is like giving a young child a meat cleaver with no direction on using it.
not giving them to the media who if they are legit report on stuff. hello.
giving them to the doj.
yes there's a book and a market value, but it can't be way out in the twighlightzone apart in difference. no it cannot and still comply with law.
Reply With Quote
  #30 (permalink)  
Old 08-04-2021, 06:20 AM
GetAClue's Avatar
PW Enlightenment
 
Join Date: Jan 2011
Location: Northern Ohio
Gender: Male
Posts: 7,840
Thanks: 11,323
Thanked 8,283 Times in 4,715 Posts
Default Re: Trump Tax Returns Must Be Transmitted To House Panel, DOJ Says

Quote:
Originally Posted by saltwn View Post
not giving them to the media who if they are legit report on stuff. hello.
giving them to the doj.
yes there's a book and a market value, but it can't be way out in the twighlightzone apart in difference. no it cannot and still comply with law.
Yet another post were you demonstrate a complete lack of knowledge of the subject matter on which you are commenting. Keep it up.
__________________
To argue with a person who has renounced the use of reason is like administering medicine to the dead - Thomas Paine

A lie doesn't become truth, a wrong doesn't become right, and Evil doesn't become good, just because it is accepted by the majority. - Booker T Washington
Reply With Quote
The Following 2 Users Say Thank You to GetAClue For This Useful Post:
Reply

Tags
doj, house, must, panel, returns, says, tax, transmitted, trump

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On

Forum Jump


All times are GMT -5. The time now is 12:30 PM.


Powered by vBulletin® Version 3.8.7
Copyright ©2000 - 2021, vBulletin Solutions, Inc.

Content Relevant URLs by vBSEO 3.2.0