Comments by "" (@TheDavidlloydjones) on "CNN"
channel.
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Forgiven debt is taxable income. Trump is co-signer on about $1.5 billion, payable in 1998, in debts left from the mess he made and ran away from in Atlantic City. The debt is placed with friendly creditors, probably Russian oligarchs and/or gangsters.
Trump has not yet declared the income represented by these debts not being collected. When he declares it, or when the IRS decides "time's up!" then he will owe tax, at the old, pre-Bush giveaway, pre-Trump giveaway, rates. Plus income. Since 1998.
If it goes to litigation, he could be hit with penalties, too. This is not going to be nice -- particularly for a man whose few actual businesses (as opposed to his successful acting career) has been operated for the past few years by, uh, koff, choke, Eric and Donald Junior, also we may assume, very stable geniuses.
Sad.
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