There is something far more sinister than meets the eye in the leaked tax losses of $916 million in Trump's 1995 tax returns.
The important question here is not about the tax code or system but, fundamentally, how the Casino Business could crank up such a huge loss. To the majority, if not all other Casinos around the world I am aware of, the Casinos are "Ultimate Cash Machines".
Casino Owners like Sheldon Adelson, Kirk Kerkorian, Steve Wynn, Stanley Ho, The Packer Family of Australia, etc are worth many tens of $ billions. Many rising $ multi-billionaires in Asia made their initial fortunes from Casino Operations.
For Trump to have lost so much money in his Casino Business, someone must have been helping themselves to the overwhelming mountains of cash ever bubbling over in this business. Controls are tough as transaction relationship trails and audit trails are absent or blurry in this business. It is all about cash and can't be counter-verified by connected variables such as cost of sales, inventory, receivables, payables as present in traditional businesses.
Unscrupulous person(s) could easily siphon cash away or convert them into assets to be diverted elsewhere. Very convenient for an owner with multiple types of businesses. Cash and assets get stashed elsewhere and an equal value of tax losses get booked into the Casino Business accounts that qualify as a deduction. A neat double benefit generated out of thin air. Hi Presto!
Is this the "Genius" Rudy Giuliani and Chris Christie had referred to???
This scenario is very probable as Trump refuses to release his tax returns and complains that the IRS audits him every year, indicating high suspicions of fraudulent practices.
No comments:
Post a Comment