House panel gets Trump tax returns

[mystery-ak]

 House panel gets Trump tax returns
by Zach Schonfeld - 11/30/22 4:33 PM ET

The House Ways and Committee has reportedly received former President Trump’s tax returns, ending Democrats’ multiyear legal battle to obtain the documents.

A Treasury Department spokesperson said Wednesday the department complied with the Supreme Court’s order last week rejecting Trump’s emergency appeal to stop the handover, which effectively capped his yearslong opposition to the effort.

News that the department had turned over the tax returns was first reported by CNN. The Hill has reached out to the House Ways and Means Committee for comment.

House Democrats had argued that they needed to probe the IRS’s presidential audits, but Trump’s attorneys repeatedly pushed back and suggested the request was purely political.

Trump in 2016 bucked the tradition of presidential candidates releasing their tax returns, which are kept confidential unless the citizen themself publishes them — or if lawmakers request the documents.

That secrecy spawned the request from the Ways and Means Committee, under the leadership of Chairman Richard Neal (D-Mass.), for Trump’s personal tax returns from 2013 through 2018 and those for eight business entities he controlled.

more
https://thehill.com/homenews/house/3756922-house-panel-gets-trump-tax-returns/

[DefiantMassRINO]

Maybe states could require (3) prior years tax returns for candidates to be on ballots?

[libertybele]

Does Trump's comment; “It is unprecedented to be handing over Tax Returns, & it creates terrible precedent for future Presidents. Has Joe Biden paid taxes on all of the money he made illegally from Hunter & beyond,” infer that he has made money illegally?

Trump has fought this for years.  I don't think this is going to go well for him.

[EdinVA]

Criminals looking for crimes in all the wrong places.... try a mirror..

[Right_in_Virginia]

Criminals looking for crimes in all the wrong places.... try a mirror..

The IRS audits the Trump Organization's tax returns for sport ---- and has for years.  The only thing Congress will unconver is an interest-bearing refund due.

[Cyber Liberty]

...let the leaking begin!

[Kamaji]

My guess is that the tax returns will show substantial loss carryforwards derived from his interests in the various real estate partnerships he was involved with - real estate investments tend to throw of net losses for tax purposes even if they're otherwise profitable on a cashflow basis, given the amount of depreciation that is allowed for tax purposes - and particularly with respect to the real estate partnerships that went belly up, and that this will be viewed - rightly or wrongly - as a sign of failure on Trump's part when that couldn't be further from the truth at all.

Harvesting paper losses to offset against real income from other sources for the purpose of reducing one's tax bill is one of the time-hallowed reasons for investing in real estate, and was the motivator behind a lot of the individual tax shelter legislation that was passed in the 60s and 70s, like the at-risk rules of IRC §465 and the passive activity loss rules of IRC §469 - which is kind of amusing given that real estate investment gets special kid-glove treatment under those provisions.

[rustynail]

Does Trump have the Samson Option?

[libertybele]

My guess is that the tax returns will show substantial loss carryforwards derived from his interests in the various real estate partnerships he was involved with - real estate investments tend to throw of net losses for tax purposes even if they're otherwise profitable on a cashflow basis, given the amount of depreciation that is allowed for tax purposes - and particularly with respect to the real estate partnerships that went belly up, and that this will be viewed - rightly or wrongly - as a sign of failure on Trump's part when that couldn't be further from the truth at all.

Harvesting paper losses to offset against real income from other sources for the purpose of reducing one's tax bill is one of the time-hallowed reasons for investing in real estate, and was the motivator behind a lot of the individual tax shelter legislation that was passed in the 60s and 70s, like the at-risk rules of IRC §465 and the passive activity loss rules of IRC §469 - which is kind of amusing given that real estate investment gets special kid-glove treatment under those provisions.

Nothing illegal. They definitely would not show Trump's failures but rather "trimming" losses and taxes which is a smart business move.