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Businessweek: Trump Has Reported Profits That Are Not Real
My dear friends, please see here.
Published in GeneralIn financial disclosures required for his presidential bid, Trump claimed income of $20.3 million from Trump Turnberry, a course he bought for about 41 million pounds ($58 million) in 2014. Yet the accounts for Golf Recreation Scotland, which owns the course, show a loss of 3.6 million pounds for 2014.
There’s a similar discrepancy with the accounts for two other golf courses. Trump claimed income of $4.3 million from Trump International Golf Links Scotland — the course he built from scratch north of Aberdeen — yet accounts filed with Companies House show it lost £1.1 million in 2014, its third consecutive annual loss.
In Ireland, Trump reported $10.7 million in income from Trump International Golf Links Ireland. The course, which he bought in February 2014, reported a loss of 2.5 million euros in 2014.
Trump said in the interview that the amounts listed in his financial disclosures are based on “projected future income.” He attributed the losses to ongoing construction projects and said he has yet to unlock the value in developing the properties for housing. “They’re only losing money because they’re not open,” he said.
Actually, his golf course and hotel in Aberdeenshire are open as is his hotel in Ireland…
“This is supposed to be what you own and the income you made,” Larry Noble, general counsel at the Campaign Legal Center, said.
Having filled out more dang forms for different agencies over the years, each seems to have invented their own peculiar accounting methods, usually revolving around how they collect their fees. I have seen the same P&L converted to great gains and large losses by what is included, which parts are cash, which are prior year and so forth.
I expect Trump to have this covered with a plausible explanation. If he does not and is caught ‘flat footed’ he deserves what he gets.
If there is a plausible explanation,, this issue will be useless in the election as once the argument commences, eyes will glaze over on the great majority.
If there is no plausible explanation, it needs to be understandable and serious. Then you have him.
This is the kind of loser reporting we’ve come to expect from Bloomberg. I feel sorry for Bloomberg. Look at his low polling numbers. The man can’t even buy pants! He’s bankrupting his media outlets printing lies! Sales are yuuuge in the Philippines!
That’s one possible explanation. There are others not so seedy. For instance, knowing you are running for president and a slip up of underreporting could be a big problem, better to err on the side of over disclosure.
Whatever the case, I’m not going to spend any more time speculating or worrying until we have some actual information instead of implications and innuendo.
Indeed, especially if it’s a new company there could be significant capital expenditures much of which are immediately tax deductible whereas GAAP would depreciate them over the useful life of the asset.
Deeble with the yuck. He hits the glass, shattering, bounces off the corner, scurries round the goal, he shoots! He scores!!!! The crowd roars! ????????
The acorn doesn’t fall far from the tree. Trumps son is in the process of renovation of the closed Navy Hospital here in Charleston. Like his father he has a partner. Practically every contractor involved has sued for no payment. The building is about two years behind schedule. I can’t remember all the details but somehow Dad came to the rescue by buying the debt and sticking the bank with the loss. The article I read was in the Charleston Post and Courier last spring I think.
Kevin Williamson writes on a related subject – http://www.nationalreview.com/article/431915/donald-trump-worth-tax-returns-mitt-romney