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| DETROIT - TRUMP'S BACK-TAX WILL RESTORE IT. |
If he has lost all his money - is he in hock to the Russians? The INTERNET says:
August 2018 - This is why Russia is helping keep DT and the Repuglicans
in office. …. In case you haven't connected the dots... Putin controls the
largest oil company in Russia. He made a 500 Billion dollar deal with the CEO
of Exxon Mobil. Obama put sanctions in place which stopped that deal. Russia
then hacked into our government in order to get Trump elected. When the CIA
told Congress this in September (James Comey was also in that meeting), Mitch
McConnell refused to tell the American people, blackmailing Obama saying he
would frame it as playing partisan politics during the election. Comey released
the infamous no-information letter. Mitch McConnell's wife was picked for
Trump's cabinet. Wonder why our President has been so quick to dismiss the
CIA's findings?.........Here are some facts : Decide for yourselves 1) Trump
owes Blackstone/ Bayrock group a reported $100 million to $560 million dollars
(one of his largest debtors and the primary reason he won't reveal his tax
returns)
2) Blackstone is owned wholly by Russian billionaires,
who owe their position to Putin and have made billions from their work with the
Russian government.
3) Other companies that have borrowed from Blackstone
have claimed that owing money to them is like owing to the Russian mob and
while you owe them, they own you for many favors.
4) The Russian economy is badly faltering under the
weight of its over-dependence on raw materials which as you know have plummeted
in the last 2 years leaving the Russian economy scrambling to pay its debts.
5) Russia has an impetus to influence our election to
ensure the per barrel oil prices are above $65 ( they are currently hovering
around $50)
6) Russia can't affordably get at 80% of its oil reserves
and reduce its per barrel cost to compete with America at $45 or Saudi Arabia
at $39. With Iranian sanctions being lifted Russia will find another
inexpensive competitor increasing production and pushing Russia further down
the list of suppliers.
As for Iranian sanctions, the 6 countries lifting them
allowing Iran to collect on the billions it is owed for pumping oil but not
being paid for it. These billions Iran can only get if the Iranian nuclear deal
is signed. Trump spoke of ending the deals which would cause oil sales
sanctions to be reimposed, which would make Russian oil more competitive.
7) Rex Tillerson (Trump's ex Secretary of State) was the
head of ExxonMobil, which is in possession of patented technology that could
help Putin extract 45% more oil at a significant cost savings to Russia,
helping Putin put money in the Russian coffers to help reconstitute its
military and finally afford to mass produce the new and improved systems that it
had invented before the Russian economy had slowed so much.
😎 Putin cannot get access
to these new cost saving technologies OR outside oil field development money,
due to US sanctions on Russia, because of its involvement in Ukrainian civil
war.
9) Look for Trump to end sanctions on Russia and to back
out of the Iranian nuclear deal, to help Russia rebuild its economy, strengthen
Putin and make Tillerson and Trump even richer, thus allowing Trump to satisfy
his creditors at Blackstone.
10) With Trump's fabricated hatred of NATO and the U.N.,
the Russian military reconstituted, the threat to the Baltic states is real.
Russia retaking their access to the Baltic Sea from Lithuania, Latvia and
Estonia and threatening the shipping of millions of cubic feet of natural gas
to lower Europe from Scandinavia, allowing Russia to make a good case for its
oil and gas being piped into eastern Europe.
Sources: Time Magazine, NY Times, The Atlantic, The
Guardian UK......phew.....did you make it thru all of that?...
Russia’s state-run media channel Russia 24 wants everyone
to know that President Donald Trump belongs to Moscow.
Responding to reports that Trump told world leaders at
the G-7 meeting in Canada last week that Ukraine’s Crimean Peninsula is Russian
because everyone there speaks Russian, the hosts of the Russian version of 60
Minutes victoriously declared that “Crimea is ours, Trump is ours.”
Reported on June 15 2018
My colleagues and I argue the issue - Is Trump bust or is in deep-trouble for tax-evasion?
*****
Noel
Subject: Re: Delingpole: Trump Derangement Syndrome Is Making
Conservatives Lazy
Love the name Greenspun Shapiro! Are they friends of
yours!?
I’m not sure they’ll corner
him.. all the current kerfuffle is to do with the mid term elections .. yes he
is completely off the wall but his unpredictable disruptive plays are maybe ..
just maybe ..what the world needs to shake up the whole system.. not just
“draining the swamp”.. the game is still on.. he’s playing a cool hand with
both N Korea and Iran.. and indeed with China. However, our commentaries are
merely that and will change nothing l
Tony
*****
No, not my lawyer friends – just a random US law firm plucked from the Internet. Apart from Russian Collusion, Manafort-type charges might include False-Accounting, Fraudulent Conspiracy, Wire-Fraud, Lying to government agencies (and probably banks), perjury and simple Tax-Evasion. Not all “complex” tax plans work out:
I SAY AVOIDANCE - YOU SAY EVASION
Noel
********
Hello Tony – and friends.
My analysis of Trump’s position is that he is
between a rock and a hard place. As an ex-defender of tax-avoiders and
back-duty cases, my estimate is that like Manafort ($70M confiscation and 60
years) and Cohen (confiscation and 60 years plea-bargained down to 6 years),
Donald, with $200M per annum rents income (at 2018 values) from age 25, who
boasts “I’m smart, I don’t pay tax”, and who has or had many offshore
companies, has also been tax-evading and transferring capital on a large scale.
His alleged carried-forward tax-losses from bankrupt casinos are minor compared
to his annual income – even if he can actually off-set them from bankrupt
companies, which is unlikely as Trump did not pay the losses – his creditors
paid.
If he sacks Mueller (Federal Courts) he risks
Obstruction of Justice criminal charges – and the tax and money-laundering
cases have now been mirrored in New York Southern District Court
(District Attorney) and other State Courts in which Trump has no authority or
powers of Presidential Pardon. Given the thoroughness of the prosecutors to
date, my guess is that they already have Trump’s NIL tax-returns from 50 years
back; and all his banking transactions globally (all recorded on IBM bank
computers); recall that in his campaign Trump refused to publish his
tax-returns on the grounds that he was under investigation by the IRS. Even if
an agent (say, Cohen) signed Trump’s tax-returns-declarations for him, Trump is
liable (A director by whatever name called).
His GET OUT OF JAIL FREE card is, I think, a
political climb-down. Time for him to utilise The Art of The Deal.
https://www.greenspunlaw.com/library/basics-of-federal-mail-and-wire-fraud-charges-and-penalties.cfm
Noel
*********
John
A primary test, the primary test, for any tax-relief is
"did the taxpayer pay this expense" - This is as true in the US as in
the UK. Otherwise we could all make up faux tax-claims (e.g. you/Jane could
send yourself an invoice and pay yourself and claim 40% tax-relief).
There are dozens of real claims for debt that show Trump
did not pay off the casino etc. losses. So he cannot claim the relief. As the
companies were distanced from him to limit his liability - he cannot even claim
that he has a debt to these old companies, which might be argued to be payment
of the accumulated losses. Usually - corporate losses can only be carried
forward against profits in the same company, carrying on the same business,
with the same ownership - and the same control.
Noel
*****
John - First principles: each company or individual is a
legal person for tax and audit purposes. To offset old losses against present
or future income of the losses in a different entity, losses have to be paid or
traded with/to the profitable "person". This is basic bookkeeping for
Directors Loans, Benefits, Salary, or Transfer Pricing. However you try it, if
the taxpayer (person) has not actually paid the past losses (e.g. transferred
them to a director's loan account) that person (Group, subsidiary, individual)
cannot have the tax-losses BFWD. There are rules about the extent of
directors-loan accounts that ultimately tax the balances. Some accountants get
lost in the logic maze between all the tax and corporate rules (bookkeeping) -
such conundrums are decided in tax-Courts. However the basic logic, law and
sense is that the claimant must prove they have paid for the losses. If you
have bought the office tea, milk and coffee you can claim it. If not, you
can't.
My reading of Trump's several bankrupt ventures show that
he was "smart" - most losses were paid for by other shareholders -
and that Trump or his Group did not subsequently buy the tax-losses. The losses
in total were in any case a fraction of his US income from the rents on the NY
flats his parents bequeathed him (paid for by grants from US taxpayers) - about
$200M per annum. Insufficient to wipe out the tax bills on 50 years x $200M. He
has either lost many billions and is indeed bankrupt - or he has indulged in
Manafort-type tax-evasion. ENRON tried all such Profit-Shifting tricks using
bookkeeping between hundreds of companies with the help of Arthur
Andersen and they landed up in prison - as did Al Capone - Noel
Further reading:
Revenue Law: Introduction to UK Tax Law; Income Tax;
Capital Gains ...
This,
however, remains the only book on tax law which continues to explain the new law found in ITEPA,
ITTOIA and ITA in light of its legislative predecessors, ...
Taxation Law - Sweet & Maxwell
Taxation Law. REFINE
YOUR SEARCH. PRODUCT FORMAT. Book (25) ... Taxation
Law. Corporate tax, capital gains tax, inheritance tax and tax avoidance are just a
few of the ... View all Taxation Law titles. SEARCH TAXATION
LAW.
****
UK - NTLRDs and property business losses.
There are however some terms and conditions to be aware
of. Importantly all of these relaxations only apply to losses arising on or
after 1 April 2017 (“post-April 2017 losses”). Losses arising before this date
(“pre-April 2017 losses”) continue to be subject to the previous rules for
relief.
There are a number of conditions which must be met for
post-April 2017 trade losses to be set off against total profits, including:
The company must continue to carry on the trade in all
subsequent accounting periods up to and including the one in which the losses
are offset.
The trade must not have become small or negligible in the
loss making period.
The trade must be commercial or carried on for statutory
functions (e.g. a marketing board created by statute) in both the loss making
period and period of set off.
If these conditions are not met, it may still be possible
to set the trade losses off against profits of the same trade under the old
loss relief rules, or, where the trade has ceased, claim terminal loss relief.
There are also a number of terms and conditions around
group relief for carried forward losses, including:
A company can only surrender carried forward losses as
group relief if they cannot be deducted from its own profits in the accounting
period.
A company cannot claim carried forward losses as group
relief if it has its own carried forward losses which it could set off.
As with any relaxation in tax, the new rules on carried
forward losses are accompanied by a host of new and updated anti-avoidance
provisions, including:
A new Targeted Anti-Avoidance Rule (TAAR).
New and strengthened rules to prevent loss-buying.
Noel
*******
Noel
In a UK CVA - which is the same as a USA Chapter 11 - the
tax losses can be carried forward even though the creditors have effectively
paid for some of those losses.
Any comment?
Here is the reference:
The
average accountants or lawyers have hundreds of books running to millions of
pages on these issues. No one could possibly comment on your wide question. It
has to be looked at case by case. First specify the facts then work out the
tax. What you ask is not answerable.
Noel
********
Sent: 27 August 2018 09:58
Noel
Two points.
How then does it work for CVAs in UK as set out in the
article I sent you.
Fred Trump built apartment blocks with LOANS. Not
grants.
In the gym. That's all for now but do read the CVA tax loss
article and comment on that specifically. Please.
John
John
*****
John
The average accountants or lawyers have hundreds of books running to millions of pages on these issues. No one could possibly comment on your wide question. It has to be looked at case by case. First specify the facts then work out the tax. What you ask is not answerable.
Noel
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