the question is- was this return audited?

[mopinko]

in another thread mineral man posits that the "losses" were phony. i agree.
http://www.democraticunderground.com/12512464027

it caused me to wonder if this was one of the "many years" when he was audited.
the question is- are those hinted at additional documents an audit report?

you know that had to have raised audit flags, especially is he already had a rap sheet w the irs.

i want to see if he actually got away w this farce, or if the irs laid a smackdown on him.

[tonyt53]

1. There should have been other filings, with with the SEC that might have different numbers.

Those other agencies would not share the info with the IRS or state taxing authorities. If so, then it turns to criminal.

[Cicada]

3. If the firms are private the SEC may not have jurisdiction?

[Nancyswidower]

4. Why....

"There should have been other filings, with with the SEC that might have different numbers."

The Dumpster is a moron but I don't get why there would be a SEC filing on privately held crap joint like he's structured them.

[Cicada]

2. A negative 900 million entry will send the IRS regression equation used to select audits to the moon

The IRS has an equation to select returns for audit with factors such as ratio of deductions to revenue etc. They also select some within income groups randomly. This return is 1000 percent likely to be audited.

Josh Marshall of TPM has focused on whether Trump played games with technically avoiding debt cancellation as a way to make non deductible paper losses appear to be real losses which could be deductible. Such games are what expensive tax advisers get paid for. But I doubt the IRS would permit it without a fight.

[MyNameIsKhan]

5. I am very interested in addendum that shows breakdown of -$916 Million

[Laura PourMeADrink]

7. Can you please dumb down your sentence "Josh Marshall of Tpm...."

Not sure I understand.

[Cicada]

8. TPM is the web site Talking Points Memorandum, Josh owns and runs it

Since I read what Josh wrote I have seen others discuss the real chance Trump was scamming. I saw a discussion about "debt parking" as a scheme where the debt owed is bought by a friendly party for maybe a penny on the dollar. Trump would still technically owe the debt, permitting him to recognize a loss which includes the debt he will allegedly have to pay, but wink wink the new owner of the debt never insists on payment. If the debt were written off as collectible by the original lender that would be treated as income to Trump, offsetting his phony loss. That's one example of a possible, maybe even likely, Trump tax scam here.

[Iggo]

6. If the IRS doesn't automatically audit someone who claims to have a billion dollars in losses...

...then I've just lost my faith in the system.