Trump cheats at golf - the ONE and ONLY politics thread

Before tony, YF and company use the opportunity to blame the entire left for Starman, let me very quickly say Starman is once again out of line.

 

How come liberals are not upset at their beloved Apple for avoiding over 2 bill in us taxes?

 

While the NYT article was not particularly sophisticated (in large part because of the limited information in the first pages of three state returns), the information in OT's post is flat out wrong.

First - It is not the same kind of loss and doesn't have the same tax treatment. Unlike the net operating loss reported on Trump's return, which can be broadly used to offset taxable income, Clinton's 2015 return shows a net long-term capital loss carryforward. This happens when you sell an asset for less than you paid for it. With one exception, that loss can only be taken against capital gain, gain from the sale of investment assets - not ordinary income. That one exception is readily apparent if one takes a second to look at the entire page and the first page of her 1040. An individual can offset all of $3000 of ordinary income with excess capital loss. She took that $3000 loss on line 13 and is also shown if you look at the entire Schedule D and not just the snippet shown in the link.

Second - the NYT did not receive a $3.5 mm tax refund. The tax benefit line on financial reports is not the same as the taxes paid line on a corporate tax return. One cannot determine the amount of taxes NYT did or did not pay from that line. There is nothing untoward about the release of reserves, which allows recognition of income. Accounting rules, which apply to the financial reports public companies make available to the public, require companies to set up reserves for certain tax positions, effectively reducing income in the year the positions were taken. In the year those issues are resolved or it is otherwise certain the company will not owe additional taxes on those positions, the company gets to release the reserve and recognize the income.

"A company’s “current tax” number has nothing to do with what it actually pays in taxes for a given year. “Current tax benefit” and “current tax expense” are so-called financial reporting numbers, used to calculate the profits a company reports to shareholders. They have nothing to do with what a company sends to (or receives from) the IRS. “Any correlation between the ‘current tax expense’ and the current tax payable is likely coincidental,” says a leading tax authority, Ed Outslay, Deloitte/Michael Licata professor of accounting at Michigan State University’s business school." The truth about GE’s tax billThe truth about GE’s tax bill

 

And smashed with a hammer the computer on which it was done.

 

Mic drop.

 

If only we had a tax attorney here!

 

I promise not to vote for Apple in this election.

 

Trump's tax accountants used a tax law to deduct a large loss and lower his tax bill. Hillary's tax accountants used a tax law to deduct a large loss and lower her tax bill. Argue semantics all you want, but that's all you're doing ... arguing semantics. The only argument you really have is the partisan argument of "I like Hillary, so what she did is fine. I don't like Trump, so what he did is horrible."

Or is our board tax attorney only arguing the former and not the latter?

 

Fuck off. Like I need you or any of th gutless-pussycat "left" defending me.

 

Thank you for this damning piece of evidence that supports everything I've ever said about your lack of integrity in political discussions.

 

You can post whatever ridiculous crap you like, but I'm not interested in allowing tony, YF or anybody else on that side of things hold anybody else accountable when you post something reprehensible.

 

Is Apple running for president and bragging about its business expertise. And apologies for falling for a Trump "put attention on someone else" question.