Reply to More Trump fraud: businesses keep 2 sets of numbers, one for taxes, the other to get loans

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]All large businesses maintain two sets of books. This is a simple fact of life for businesses in the US. It is discussed in Managerial Accounting courses in any college/university. This is because tax law and GAAP do not have to use the same basis for accounting.

Seeing liberals hyperventilating about a completely normal thing is par for the course.[/quote]

It's hilarious that you think you can have differing [b][i]accounting data[/i][/b] for a loan versus what is reported to the IRS based on GAAD principles.

-attorney with an MBA [/quote]

As a fellow MBA degree holder, it's people like you that give the rest of us a bad name. Of course you can have different accounting data for a loan versus IRS. You don't report to IRS based on GAAP, as IRS does not follow GAAP. Go Google Tax accounting vs GAAP.

God help your clients. Just goes to show that passing the bar is no guarantee of intelligence or wisdom, which is why so many lawyers barely eek out a living doing document review.[/quote]

Dp:  The presentation of the financial statements can be different, but the underlying bookkeeping data is the same.

But, again, this side discussion is unimportant to what the investigation found about the Trump Org:  That the differences between the financial statements used for varying purposes are inexplicable.[/quote]

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