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Reply to "8 Years of Trump Tax Returns Are Subpoenaed by Manhattan D.A."
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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Tax returns are confidential. Even if the authorities are successful in getting them, they won't be able to disseminate them to use against Trump for political purposes without exposing themselves to harsh sanctions. Presumably they are extremely complex and prepared by a team of lawyers and accountants for Trump. If errors were made for example the payment to Stormy was listed incorrectly as a business expense, Trump May incur civil tax liabilities and penalties, but could never be held criminally liable. Presumably his accountants had at least a good faith basis for preparing his tax returns in whatever manner that they did, but if not, it would be the tax preparers but not Trump who might be criminally responsible. [/quote] I don't think this is true. It's why you have to sign your tax return even if someone else prepares it. [/quote] There is no magic bullett for the Democrats here via Trump's tax returns. Remember, the IRS has had access to all of Trump's federal returns for many many years. And, in New York State, while the NYS taxation authorities may not have direct access to his full federal returns, they do have complete and direct access to Trump's New York State tax returns, which undoubtedly contain a great deal of the same information in terms of business expensing and deductions as do the federal returns. Clearly, the path of least resistance for NY State authorities to demonstrate criminal tax fraud would be to start with an investigation of Trump's NY State tax returns, and not with the federal returns. As far as disagreement about the details, tax returns are and should remain confidential, for all of us. If the authorities can gain unfettered access to a President's tax returns, they can justify doing the same for the common citizen. I don't want to live in that world, and neither should you. Our affairs are already being heavily monitored not only by government but by large private corporations, many of which do not seem to have much respect for our personal privacy. Even if the authorities gain access to Trump's tax returns, they will remain confidential and usable only within the context of the criminal investigation. Anyone who leaks them to say, Adam Schiff, or Rachel Maddow, wil be exposing themselves to harsh criminal and certainly career-ending penalties. My tax returns are no one else's business, neither are yours, neither are Trumps, neither are Biden's, neither are Schiff's, neither are Pelosi's. [/quote] You clearly have no idea what is going on. The subpoena is to Trump's accountants for his tax returns. There is no "tax return privilege" -- an accounting firm must comply with a valid criminal subpoena. Since one of the things the NY DA is investigating Trump for is tax fraud, his tax returns are highly relevant. And the DOJ has no business intervening. [/quote] Taxpayer = ----------------------------------------------------------- Target = -------------------------- Date 1 = ------------------- Year 1 = ------- Date 2 = ------------- Date 3 = ----------- Year 2 = ------- Year 3 = ------- Amount 1 = ------------------ Dear ----------------: This is in response to your request for a ruling that the liabilities incurred to settle a lawsuit, including legal fees and other expenses attributable to the lawsuit, are deductible as ordinary and necessary business expenses under section 162 of the Internal Revenue Code. We conclude that Taxpayer’s payment of these liabilities is deductible as ordinary and necessary business expenses under section 162. FACTS On Date 1, ---------, Taxpayer and Target, publicly traded corporations, entered into a merger agreement under which Taxpayer agreed to acquire Target in a stock-forstock transaction. The merger closed on Date 2, -- Tax returns are confidential. Whether the subpoena is valid or not is for the court to determine. Trump has asked the court to determine the validity of the subpoena. That is called "due process" and we are all entitled to it. Should the court determine the supboena to be valid, the tax returns will remain confidential, and re-disclosure in violation of that confidentiality will subject the NY state prosecutors to serious sanctions. So, please don't ever expect to see what is in those tax returns yourself, because you won't, unless some Democratic operative in the NYS prosecutor's office decided to risk jail time by leaking them. The NY State prosecutor does not need to subpoena Trump's accountants. Or does it? They can subpoena NY State taxing authorities, who already have copies of Trump's NY State tax returns. Or can they? Why havent they asked NY State's taxing authorities for copies of those returns? Because doing so is illegal. It is illegal because the returns are confidential. The state taxing authorities are not allowed to "share" with the criminal prosecutors. This is called a "gross abuse of governmental authority and power." Perhaps you should look at the following IRS bulletin before making accusations of tax fraud: Internal Revenue Service Department of the Treasury Washington, DC 20224 Number: 201412002 Release Date: 3/21/2014 Index Number: 162.00-00 ------------------------- --------------------------------- ----------------------------------------------------------- ----------------------------- --------------------- ---------------------------- ------------------------------------------- ---------------- ----------------------- Third Party Communication: None Date of Communication: Not Applicable Person To Contact: ---------------------- ------------------------ Telephone Number: ------------------- Refer Reply To: CC:ITA:B03 PLR-121178-13 Date: December 13, 2013 TY: ------- Legend Taxpayer = ----------------------------------------------------------- Target = -------------------------- Date 1 = ------------------- Year 1 = ------- Date 2 = ------------- Date 3 = ----------- Year 2 = ------- Year 3 = ------- Amount 1 = ------------------ Dear ----------------: This is in response to your request for a ruling that the liabilities incurred to settle a lawsuit, including legal fees and other expenses attributable to the lawsuit, are deductible as ordinary and necessary business expenses under section 162 of the Internal Revenue Code. We conclude that Taxpayer’s payment of these liabilities is deductible as ordinary and necessary business expenses under section 162. FACTS On Date 1, ---------, Taxpayer and Target, publicly traded corporations, entered into a merger agreement under which Taxpayer agreed to acquire Target in a stock-forstock transaction. The merger closed on Date 2, -- [/quote]
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