Thread: Trump revealed $900 million business loss in ‘97 book

Trump revealed $900 million business loss in ‘97 book



Republican presidential candidate Donald Trump speaks during a town hall with the Retired American Warriors, Monday, Oct. 3, 2016, in Herndon, Va. (AP Photo/ Evan Vucci) more >

By Dave Boyer - The Washington Times - Monday, October 3, 2016

Long before it became a story in the presidential campaign, Donald Trump’s $900 million-plus business setback in the early 1990s was revealed by Mr. Trump himself in a book.

In “The Art of the Comeback,” published in 1997, Mr. Trump told of his net worth plummeting into a deep hole. He recounted a story from 1990, when he was walking along Fifth Avenue in Manhattan with second wife Marla Maples and spotted a panhandler holding a cup.

“You see that man? Right now he’s worth $900 million more than me. … Right now I’m worth minus $900 million,” Mr. Trump told Ms. Maples, according to his book.

The story tells of the Republican nominee’s near-bankruptcy in the early 1990s when the real-estate market crashed. Creditors eventually gave him better terms, rather than risk lengthy battles with him in bankruptcy court.

The New York Times has reported partial tax returns from Mr. Trump showing that he declared a loss of $916 million in 1995. The report indicated that, under federal tax laws, the loss may have allowed Mr. Trump to avoid paying federal income taxes for as long as 18 years.

http://www.washingtontimes.com/news/...-loss-97-book/

Yeah, this loss and some others have been widely disclosed and discussed for years which is why I knew about it. When I read the NYT article, I thought, damn this is not news, everyone knows this who knows anything about Trump, and the fact that he would report it on his tax return which is not an option, it's a requirement, which is then carried forward to offset income, is not news either, because it's the law and has always been the law, because that's how an income tax works. An income tax can't work any other way.