You could build a law school class around Donald Trump’s tax filings.
I’m always excited to find stories in the news that touch on the tax law and policy I study and teach. Usually in my classes, we might spend about 10 minutes on such an item before moving on to the day’s lesson. The New York Times’ recentsupply enough material for an entire semester.
One top-line issue is whether Trump was entitled to claim a loss when he abandoned his interest in his failing casino business—which ultimately formed the basis for a $72 million refund request to the Internal Revenue Service that is still pending. Taxpayers should be allowed to deduct economic losses they suffer if they havein the amounts lost. Generally speaking, this means that they have already paid tax on the money lost.
A related issue is whether taxpayers should be allowed to deduct a loss in one year against gains from another year, whether in the past or going forward. Much has been made of the fact that Trump paid little or nothing in taxes most years, often because he claimed massive losses incurred in previous years. Assuming all his deductions are legitimate—if he actually lost more money than he made—that’s the right result. Imagine that you earned $100 in Year 1 and then lost $300 in Year 2.
In this case, Trump created an easement that prevents his land from being developed, thus preserving this natural resource for future generations and presumably lowering the property’s value. But after some initial plans for the property fell through, it’s not at all clear that Trump was still planning to develop the land or how much value was given up. The higher the initial property value, the greater the value of the donation, and the greater the tax savings.
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