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Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?

To: Wharf Rat who wrote (968903)	9/30/2016 4:42:15 PM
From: Wharf Rat	1 Recommendation Recommended By zax Respond to of 1576378

You call it self-dealing, I call it embezzlement (and btw, yet another tax problem) I've been curious how mass media are describing the Trump Foundation paying off debts owed by Trump businesses as "self-dealing". To recap, two examples known so far have Trump businesses settling disputes with others by agreeing to an obligation to pay money to a third-party charity, which Trump then paid from his own foundation's money. Self-dealing is basically doing business between a foundation and disqualified persons who have a connection to the foundation. If the Able Family Foundation needs computers, and Amy Able who runs the foundation also sells computers, then the foundation would be self-dealing if it bought its computers from her. Trump Foundation's paying off of Trump debts goes beyond this. The outcome would have been identical if Trump Foundation, instead of writing the check directly to charity, had written the check to Trump who then paid off his debt to charity. This hypothetical is clearly embezzlement, what Trump actually did isn't any different. I suppose it's also self-dealing, but worse. Something else I haven't seen in the discussion of self-dealing is tax evasion. There has been discussion of tax evasion done by Trump by directing that debts owed to his businesses be paid to his foundation, but this is different. Trump Foundation in effect discharged debt owed by his businesses to others, and the IRS calls that taxable income to the businesses that didn't have to pay the debt. If we could see his returns, I'm pretty sure we'd find that he didn't pay taxes on that discharged debt. POSTED BY BRIAN AT 10:36 AM rabett.blogspot.com