In 2009, Trump called an end to his association with the failing casinos. His tax return for that same year shows that he claimed a tax refund forAccording to US tax law, business losses can be offset against profits generated from other sources, thereby reducing the all-round tax liability a business owner might pay in a current year. Any excess of these losses can be
to reduce tax liabilities in the future or carried back two years to act as a kind of discount code to reduce taxes payable., business owners who are completely severing their relationship with a business — in Trump's case the Atlantic City casinos — can declare all the losses they couldn't declare in previous years. This is likely to be the way Trump claimed hisThere could, however, be a sting in the tail for Trump, the NYT reported.
Following the casino bankruptcy, Trump was given 5% of shares in the new company, which emerged from the ashes of the old one. But as the NYT reported, this could be considered Trump receiving something of value by the IRS, which would reduce the amount of losses on which he could claim repayment. It remains to be seen whether auditors will sign off on the arrangement, or if the Atlantic City disaster finally laps at Trump's own shores.
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