Judge orders Eric Trump to testify before election in New York attorney general probe of President Trump’s company

[poweRob]

Interesting... lets see where this one goes shall we?

Judge orders Eric Trump to testify before election in New York attorney general probe of President Trump’s company​

​

Eric Trump must testify in response to a subpoena from the New York Attorney General’s office before the presidential election as part of an investigation into whether President Donald Trump’s company improperly valued real estate assets in official statements, a judge ordered Wednesday.​

​

Eric Trump, who is the president’s middle son and a top executive in the Trump Organization, must testify no later than Oct. 7, Judge Arthur Engoron ruled after a hearing in Manhattan Supreme Court, where Trump’s lawyers had asked to delay his deposition until after the election.​

 

[tres borrachos]

Interesting... lets see where this one goes shall we?

Judge orders Eric Trump to testify before election in New York attorney general probe of President Trump’s company​

​

Eric Trump must testify in response to a subpoena from the New York Attorney General’s office before the presidential election as part of an investigation into whether President Donald Trump’s company improperly valued real estate assets in official statements, a judge ordered Wednesday.​

​

Eric Trump, who is the president’s middle son and a top executive in the Trump Organization, must testify no later than Oct. 7, Judge Arthur Engoron ruled after a hearing in Manhattan Supreme Court, where Trump’s lawyers had asked to delay his deposition until after the election.​

Eric is the dumb one, right? Not the one who colluded with the Russians and left his wife and kiddies for Kimberly Guilfoyle?

 

[azgreg]

Eric is the dumb one, right? Not the one who colluded with the Russians and left his wife and kiddies for Kimberly Guilfoyle?

Asking which Trump brother is the dumb one is like asking which gas station has the best sushi.

 

[AliHajiSheik]

" James is investigating whether the New York-based Trump Organization improperly inflated the values of several real estate assets on annual financial statements that were used to obtain loans, as well as to get economic and tax benefits related to those properties. "

How does one get a tax benefit by inflating the value of real estate? As I understand it, commercial real estate can be based in intrinsic, potential income, or perceived value which may yet have nothing to do with how much it sells for.

 

[RAMOSS]

" James is investigating whether the New York-based Trump Organization improperly inflated the values of several real estate assets on annual financial statements that were used to obtain loans, as well as to get economic and tax benefits related to those properties. "

How does one get a tax benefit by inflating the value of real estate? As I understand it, commercial real estate can be based in intrinsic, potential income, or perceived value which may yet have nothing to do with how much it sells for.

That actually was not quite accurate. What happened is that the Trump organization inflated the value of the assets to get a loan, and then deflated it for tax purposes.

 

[SheWolf]

" James is investigating whether the New York-based Trump Organization improperly inflated the values of several real estate assets on annual financial statements that were used to obtain loans, as well as to get economic and tax benefits related to those properties. "

How does one get a tax benefit by inflating the value of real estate? As I understand it, commercial real estate can be based in intrinsic, potential income, or perceived value which may yet have nothing to do with how much it sells for.

It’s an issue of capital gain, when they sell the assets. They are lying about their net gain, which is tax fraud

 

[Jezcoe]

It’s an issue of capital gain, when they sell the assets. They are lying about their net gain, which is tax fraud

Their debt on the building is collateralized and sold off into bonds... so there is a potential for securities fraud also

 

[Aunt Antifa]

Eric is the dumb one, right? Not the one who colluded with the Russians and left his wife and kiddies for Kimberly Guilfoyle?

Eric is the one too stupid to know he’s ****ing up.

 

[TomFitz]

Their debt on the building is collateralized and sold off into bonds... so there is a potential for securities fraud also

I suspect not.

The Trump Organization is a sole proprietership. It’s run like a vest pocket small business, which is what it is, functionally.

With Trump’s long history of not paying his bills, cheating his customers, betraying and cheating his business partners, and defaults, I seriously doubt that there would be an appetite for bonds issues against Trump holdings. If the banks won’t loan Trump money, it’s not likely the traditional real estate investment vehicles will either.

 

[Airyaman]

Maybe he can be cell mates with Hunter Biden

/sarc

 

[bongsaway]

" James is investigating whether the New York-based Trump Organization improperly inflated the values of several real estate assets on annual financial statements that were used to obtain loans, as well as to get economic and tax benefits related to those properties. "

How does one get a tax benefit by inflating the value of real estate? As I understand it, commercial real estate can be based in intrinsic, potential income, or perceived value which may yet have nothing to do with how much it sells for.

Ask the trumps, they know more about this than anybody. Stable geniuses.

 

[CaughtInThe]

How nervous must Trump voters be about a family of dumb and criminal people having to testify on their crimes?

 

[poweRob]

How nervous must Trump voters be about a family of dumb and criminal people having to testify on their crimes?

How much you wanna bet Eric is going to LIIIIIIIIEEEEEEEEEEEE so much?

 

[AliHajiSheik]

That actually was not quite accurate. What happened is that the Trump organization inflated the value of the assets to get a loan, and then deflated it for tax purposes.

The story didn't say that, can you provide a source that does? You description seems more logical.

 

[AliHajiSheik]

It’s an issue of capital gain, when they sell the assets. They are lying about their net gain, which is tax fraud

I didn't see in the story that they sold any assets. A capital gain would be based on the difference between for what it was purchased and for what it was sold. It would take significant chicanery to mess with those numbers.

 

[CaughtInThe]

How much you wanna bet Eric is going to LIIIIIIIIEEEEEEEEEEEE so much?

lies to cover lies to cover lies to cover lies.

 

[SheWolf]

I didn't see in the story that they sold any assets. A capital gain would be based on the difference between for what it was purchased and for what it was sold. It would take significant chicanery to mess with those numbers.

I don’t know what you’re looking at, but this appears to be an issue of tax and insurance fraud

 

[CaughtInThe]

I don’t know what you’re looking at, but this appears to be an issue of tax and insurance fraud

surely even the dumbest Trump supporters know by now that the Trumps are dirty as hell, right?

 

[JasperL]

" James is investigating whether the New York-based Trump Organization improperly inflated the values of several real estate assets on annual financial statements that were used to obtain loans, as well as to get economic and tax benefits related to those properties. "

How does one get a tax benefit by inflating the value of real estate? As I understand it, commercial real estate can be based in intrinsic, potential income, or perceived value which may yet have nothing to do with how much it sells for.

The value is what it would sell for in a normal business transaction between willing buyer and willing seller, neither of whom is compelled to act. You can't claim "intrinsic" or "perceived" value in any financial setting. The income method is one way to value property, but it's to arrive at that theoretical selling price, since the fair market 'value' is just the estimated future cash flows discounted back to the present.

And one problem with inflating FMV in this case is he donated a conservation easement, and inflating that willfully to get a larger charitable deduction is fraud. If my house and lot would sell for $500k, I can't claim a $1 million charitable deduction for donating a strip of land 12 feet wide down by the creek. That's fraud...

 

[JasperL]

The story didn't say that, can you provide a source that does? You description seems more logical.

I won't find the stories, but that's essentially the story Cohen told under oath. That he might value a property at, say, $100 million for a loan, then argue to the tax authorities it's only worth $20 million. Frankly I don't see that as enough for a criminal charge.

What matters I'd think is how he justified those widely different valuations. If he had fraudulent appraisals performed, or fabricated them, that's fraud obviously, but if you put a number - $100 million!!! - on a balance sheet and the lender doesn't do its due diligence to confirm that value, and extends to you a loan for $90 million, that's a problem with the bank. It's different if that $100 million is supported by fraudulent documents.

And I've been involved in tax valuation disputes and we submit appraisals to the tax board. It's not enough to argue - Hey, sure, I paid $1 million for the property but in my opinion it's now only worth $300k and you've valued it at $1.2 million! I demand you reduce it!! We've had sales comps, appraisals, etc. to show the board that justify our lower value. The tax board should assume those are in good faith and not fabricated. Submitting comps etc. that you know are wrong is fraud.

 

[Khayembii Communique]

I suspect not.

The Trump Organization is a sole proprietership. It’s run like a vest pocket small business, which is what it is, functionally.

With Trump’s long history of not paying his bills, cheating his customers, betraying and cheating his business partners, and defaults, I seriously doubt that there would be an appetite for bonds issues against Trump holdings. If the banks won’t loan Trump money, it’s not likely the traditional real estate investment vehicles will either.

The real estate has debt on it. IDK why you'd be denying that it's a basic fact.

 

[RAMOSS]

The story didn't say that, can you provide a source that does? You description seems more logical.

Trump Tax Records Reveal New Inconsistencies — This Time for Trump Tower

Documents show the president’s company reported different numbers — higher ones to lenders, lower ones to tax officials — for Trump’s signature building. Last month, ProPublica revealed a similar pattern in two other Trump buildings.

www.propublica.org

 

[joko104]

He should just take the 5th and blow off those Democrats.

 

[Napoleon]

I won't find the stories, but that's essentially the story Cohen told under oath. That he might value a property at, say, $100 million for a loan, then argue to the tax authorities it's only worth $20 million. Frankly I don't see that as enough for a criminal charge.

What matters I'd think is how he justified those widely different valuations. If he had fraudulent appraisals performed, or fabricated them, that's fraud obviously, but if you put a number - $100 million!!! - on a balance sheet and the lender doesn't do its due diligence to confirm that value, and extends to you a loan for $90 million, that's a problem with the bank. It's different if that $100 million is supported by fraudulent documents.

And I've been involved in tax valuation disputes and we submit appraisals to the tax board. It's not enough to argue - Hey, sure, I paid $1 million for the property but in my opinion it's now only worth $300k and you've valued it at $1.2 million! I demand you reduce it!! We've had sales comps, appraisals, etc. to show the board that justify our lower value. The tax board should assume those are in good faith and not fabricated. Submitting comps etc. that you know are wrong is fraud.

There are a lot of variables here. First it’s important to clarify that the issue isn’t the value of the property. The issue is what Trump was claiming as income in the form of property occupancy rates. The rates Trump provided to the lender were much higher than the rates claimed in his tax filings. For example, he told a lender in 2012 that the occupancy rate of Trump Tower was 99% but claimed an occupancy rate of 83% in his tax filing. What he essentially did was claim higher taxable income to the lender than he reported in his tax filing.

 

[Napoleon]

He should just take the 5th and blow off those Democrats.

Only if he’s willing to fall on his sword for Donald. Eric Trump, being the Executive “...responsible for all aspects of management and operation of the global real estate empire” according to the Trump Org website, is up to his eyeballs in this so his only hope of not going to prison is to cut a deal to throw Donald under the bus. According to his older brother, the Trump boys were raised not to have loyalty to or trust anyone including their own father. So we’ll see.