General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsDonald Trump can get a tax break for his Trump U settlement
Doing Fraudulent business is an expense. Whow.
http://www.cbsnews.com/news/donald-trump-can-take-a-tax-deduction-for-his-trump-u-settlement/?ftag=CNM-00-10aab7e&linkId=31461500
Donald Trump can get a tax break for his Trump U settlement
Last Updated Nov 22, 2016 5:30 PM EST
Donald Trump can deduct almost all of the $25 million settlement with former students of his defunct Trump University, settling class-action fraud lawsuits against the president-elect over the controversial real estate course.
The reason he can write off the money is that it is an expense in the ordinary course of doing business, said Robert Willens, a New York-based tax consultant. Of the settlement payout, $24 million is earmarked for Trump University students, and another $1 million is a fine. Its doubtful he could take the fine off his taxes, Willens said.
New York Attorney General Eric Schneiderman announced the $25 million total settlement on Friday. As Trump hustles to put together his new administration, he agreed to settle three civil actions seeking repayment for up to 7,000 students -- two lawsuits in California and Schneidermans in New York.
Many of the students will get back at least half their money, lawyers in the settlement said. Some students paid as much as $35,000 to take the Trump-branded instruction. An administrator, selected by New Yorks attorney general, will allocate the proceeds to the ex-students, with those who shelled out the most presumably getting more.
..........................
Achilleaze
(15,543 posts)Yet again.
Republican 'family values' are sleazy to the MAX.
TreasonousBastard
(43,049 posts)spin
(17,493 posts)Perhaps that is exactly why it is so big.
Not many of the pages in code help out working people in the middle class and poor sections of our nation so the beneficiaries must be the rich and the big corporations.
3catwoman3
(24,031 posts)...going to come from?