Donald Trump’s Deep Love Of Tax Depreciation – An Affair To Remember
The managing partner is at least moderately sociopathic and a dictator of greater or lesser benevolence. He, and it is almost always a “he”, is charged with the responsibility of making sure his partners don’t give away the store to clients and staff. At any rate, the deal is that they get what the managing partner thinks they deserve with enough grease thrown in to stop them from squeaking too much.
It goes without saying that Trump is the managing partner in the enterprise, although he would probably prefer something more reflective of his value, maybe God-Emperor. On the asset side, there is no such thing as accumulated depreciation. That is because an asset under Donald Trump’s umbrella can only go up in value.
Trump And Clinton Returns And What Regular Folk Need To Know About Carryovers
When Donald Trump’s return was handed off by Jack Mitnick in 1996 or 1997, there was probably very good documentation of his regular tax NOL which we know was in the $900 million range. I would not bet that there was great documentation of the AMT NOL. I may be selling Mitnick short there, but the guy had software that could not handle a nine-digit number, so it is very unlikely that, at that point, it was tracking the AMT NOL for him. That was still relatively early in the computerization of individual returns and there were lots of problems with carryovers.
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Over and over again courts have said that there is nothing sinister in so arranging one’s affairs as to keep taxes as low as possible. Everybody does so, rich or poor; and all do right, for nobody owes any public duty to pay more than the law demands: taxes are enforced exactions, not voluntary contributions. To demand more in the name of morals is mere cant.