What Art Of The Deal Tells Us About Donald Trump And His Tax Views
It was tough for me as I was in the middle of City on Fire, which is a brilliantly plotted work, but rather a long haul. Interestingly both City on Fire and Art of the Deal have quite a bit on the New York City fiscal crisis of the nineteen seventies. You have to give Trump credit. He always believed that his native city would rise. Bottom line, I’m really glad I took the time out to read Art of the Deal. Published in 1987, it evokes some powerful memories. Unlike the Centrum frenzy last month, there is much for a tax blogger in Art of the Deal, especially one who spent much of his time with closely held companies and real estate deals. There is also some insight into Trump’s character
IRS Trying To Make It Harder To Qualify As Real Estate Pro
The stakes were pretty high in this case, just over $130,000. Rather than risk Tax Court the Stanleys went the route of paying the tax and suing for refund. It may well have been calculation of the odds, since taxpayers have not done that well in Tax Court in 469 cases, although usually their facts are a lot worse. That this is a district court decision lessens its value as precedent. Adam Chodorow told me that the Tax Court judges consider themselves the experts. They are bound to follow appellate decisions, but only in the circuits where they are decided.
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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.