https://www.propublica.org/article/...rump-tax-documents-show-major-inconsistencies I believe this is what is being referred. One of Trumps long time MO's is keeping "two sets of books" That's reminiscent of how the Chicago outfit ran their speakeasies, whorehouses and gambling facilities back in the 20's and 30's.
Thanks, first quote,
" Lenders like to see a rising occupancy level as a sign of what they call “leasing momentum.” Sure enough, the company told a lender that 40 Wall Street had been 58.9% leased on Dec. 31, 2012, and then rose to 95% a few years later. The company told tax officials the building was 81% rented as of Jan. 5, 2013. "
They are acting like that's relevant? Difference of 5 days, the leasing went from 58.9 to 81%....and ?
" A dozen real estate professionals told ProPublica they saw no clear explanation for multiple inconsistencies in the documents. The discrepancies are “versions of fraud,” said Nancy Wallace, a professor of finance and real estate at the Haas School of Business at the University of California-Berkeley. “This kind of stuff is not OK.” Yet no example of discrepancies yet......
" There can be legitimate reasons for numbers to diverge between tax and loan documents, the experts noted, but some of the gaps seemed to have no reasonable justification. “It really feels like there’s two sets of books — it feels like a set of books for the tax guy and a set for the lender,” said Kevin Riordan, a financing expert and real estate professor at Montclair State University who reviewed the records. “It’s hard to argue numbers. That’s black and white.” Again no examples
" Documents submitted to city property tax officials show no such run-up. Trump representatives reported to the tax authorities that the building was already 81% leased in 2012. " It conflicts itself here,
" “What is bizarre is that you have these tax filings that are totally different,” Riordan said. A gap of at least 10 percentage points between the two occupancy reports persisted for the next two years, before the figures in the tax and loan reports synced in January 2016. " No examples, no numbers
First example of anything " For example, insurance costs in 2017 were listed as $744,521 in tax documents and $457,414 in loan records. " Then no explanation no theory, nothing.
Second example "
Then there was the underlying lease. Trump technically doesn’t own 40 Wall Street. He pays the wealthy German family that owns the property for the right to rent the building to tenants. In 2015, both Trump’s report to tax authorities and a key loan disclosure document asserted that Trump’s company paid $1.65 million for these rights that year. But a line-by-line income and expense statement, which Trepp gathered from what the company reported to the loan servicer, reported the company paid about $1.24 million that year.
“I don’t know why that would be off,” said Jason Hoffman, who is chair of the real estate committee for a professional association of certified public accountants in New York state. Like other experts, he said there are legitimate reasons why tax and loan filings might not line up perfectly. But Hoffman said the firm where he works makes sure the numbers match when it prepares both tax and loan documents for a client — or that it can explain why if they don’t." saying in that quote, that there are legitmate reasons etc,
" Financial information for the Trump International Hotel and Tower raises similar questions. Trump owns only a small portion of the building, which is located on Columbus Circle: two commercial spaces, which he rents out to a restaurant and a parking garage. Trump’s company told New York City tax officials it made about $822,000 renting space to commercial tenants there in 2017, records show. The company told loan officials it took in $1.67 million that year — more than twice as much. " I guess they expect people to not understand the difference between gross and net.
If that's the crack piece of reporting thats gonna bring Trump down....it leaves a lot to be desired.
abcnews.go.com
