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[QUOTE]Originally posted by Gilbert B Norman: [QB] In all likelihood, this is the first and last time I will "stick up" for The Donald: http://nytimes.com/2016/10/02/us/politics/donald-trump-taxes.html [i][list] [*]Any one may so arrange his affairs that his taxes shall be as low as possible; he is not bound to choose that pattern which will best pay the Treasury; there is not even a patriotic duty to increase one's taxes. Helvering v. Gregory, 69 F.2d 809, 810-11 (2d Cir. 1934)[/i] [/list] [i]Appellate Judge Learned Hand: 2d Cir[/i] Obviously Trump was doing business using pass through entities such as Partnerships, S-Corporations, and LLC's (in jurisdictions where such were recognized at that time), the losses that incurred were deductible from his Gross Income otherwise reportable on his Individual Return. A Net Operating Loss may first be carried back for three years resulting in a refund of taxes previously paid then be carried forward to offset future income until the earlier of used up or fifteen years (those numbers have changed over the years but the concept remains in place today). So have we "crooked Donald" on this matter? No; but what we do have is an ostensible businessman who is guided more by greed and ego than on the expectation of a favorable return on investment largely made with "Opium" - OPM - other people's money. [/QB][/QUOTE]
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