VT: Trump bought the land for 2 million, filled with asbestos lined buildings, rotting away, too expensive to clean up. He walked away from it, no golf course was built but he took a $26.1 million write off on a $2 million piece of land that today is worth negative dollars.
Federal law requires anyone taking a write off of more than $5000 to provide a “qualified appraisal” to justify the deduction. Trump has withheld his taxes on this issue and many others where such appraisals and other required documentation, we believe, was not supplied.
There is no record of any kind of any appraisal being made whatsoever, according to Hal Goldman, who was handled this transaction for the Trump organization. If this is true, Trump faces a long prison term for just this one crime alone.
“Goldman said he was ‘unaware’ of Trump having conducted any independent appraisal of the parcels of land.
‘Let me put it this way,’ Goldman said. ‘Would you go out and get an appraisal, or would you declare what you wanted it to be worth’ and then have someone justify it. ‘I think that’s your answer,’ he said.”
Michael Grace, who was town attorney for Yorktown, New York, said even $2 million would be high as the land is entirely pollution, mud and rocks.
Local residents wanted to open a dog park there but asbestos pollution made it unsafe even for dogs.
He calls it a State Park but there is nothing there but a superfund site with trash everywhere. From OutsiderOnline.com:
The park is a short ride away from a popular state park named for another New Yorker-turned-president, Franklin Delano Roosevelt. Not surprisingly, it was originally supposed to be another Trump golf course. But Trump donated the land to New York State over a decade ago—an act of philanthropy doubling as a tax write-off. Since then, the park hasn’t just gone undeveloped—it’s practically rotting.
Follow signs promoting the park, as a tourist might, and you’ll find an overgrown, unmanaged piece of property: a barely paved road seems to lead nowhere; asbestos-filled buildings covered in graffiti are crumbling; parking lots are overrun with weeds. There are no staff or amenities, no trails or campsites. It is a park in name only.
Before donating the mess, Trump hid the asbestos pollution then lobbied local officials (note we didn’t say ‘bribe’) to set its value at 5 times assessment.
Trump listed this ripoff as a $26.1 million charitable donation but, of course, it was a massive and very illegal case of tax evasion, both state and federal and one Trump may well face prison for along with his family, as all were involved.
This is one of the big reasons Trump has tried to keep his tax returns hidden. The use of this write off for Federal Income Tax or even New York State income tax simply wouldn’t stand. It would be seen as tax evasion.
You can’t donate a junk car and claim it is a new Rolls Royce. People go to jail for things like that and it is likely that this may be one of those things, and there are so many, that send Trump to Rikers Island.
Trump pulled this scam when his casino’s in Atlantic City were going under.
Trump’s initial idea was to put a golf course here and in the process cut directly into the local drinking water source as well as that for New York City. Then he tried to sell it to US Homes but they wouldn’t take it for free because of the environmental cleanup.
Trump, according to Tim Miller, an environmental consultant who worked on the plans, never spent a cent on the property.
When Trump tried to unload the worthless property, he turned to Michael Cohen to “lean on” local officials. The deal was for Cohen to “convince” locals to give a “zoning opinion” that would justify a valuation of $27.5 million.
What was the land worth? Nothing? Most likely, $500k at best making Trump guilty of a $25 million tax scam.
ATTENTION READERSWe See The World From All Sides and Want YOU To Be Fully Informed
In fact, intentional disinformation is a disgraceful scourge in media today. So to assuage any possible errant incorrect information posted herein, we strongly encourage you to seek corroboration from other non-VT sources before forming an educated opinion.
About VT - Policies & Disclosures - Comment Policy
Hope you’re right, Gordon. But, there’s also Sheldon Adelson’s “thirty pieces of silver” to consider.
Sad to say, the Dems are running scared. Christian Zionists are Trump’s rock-solid base. In the words of Pastor John Hagee, the founder of Christians United for Israel, “50 million evangelical bible-believing Christians unite with five million American Jews standing together on behalf of Israel,” That’s a formidable voting block if there ever was one. The Dems have to tread lightly to say the least.
25 million Christian Evanglists AGAINST 5 million Jews who will be voting 90% Biden/Harris
Trump is a pathetic crook that need to be behind bars for good! Inclusive his immediate family and son-in-law!
Our friend “Ray” is not a real person.
Goldman was a Trump employee. His word doesn’t outweigh the other evidence. Obvious you are a troll, caught again. Last warning.
To profit from real estate financing (including money laundering) which is what the Trump crime syndicate is all about they would provide two separate valuations on the same property, one for the IRS with major capital improvements and no revenue and another one for the investor to highly leverage it.
On this one, being contaminated needing many rounds of cleanup, testing and phase ones etc the write off to the IRS using probably a Discounted Cash Flow method of valuation was like the “investor” forking the $26mil that would have been paid as taxes from his other revenues.
Plus he claimed the donation.
And this is his idea of winning.
and whoever made the deal for the state is probably going to need to freshen the resume.
this is going to be a mountain, and even the best senate aid teams are not going to keep up
Rhonda, wether it’s an IRS form 1040 or an 1120 (individual or corporate tax returns) you’re filing, the numbers that you disclose in them are accepted as is, until you are audited and frankly I doubt if Trump doesn’t have a few insiders in the IRS to accept his forms as is.
The appraisal type that I mentioned was probably penned without being performed in case if it gets to an audit. And that appraisal takes in account the future value based on improvements, on paper only.
IRS basically looks away in the 1%er cases as long as line items are all there.
Isn’t smearing insane criminals OK? Or are we not allowed to do that?
Ray, that’s a total misreading of the article. “Goldman said he was ‘unaware’ of Trump having conducted any independent appraisal of the parcels of land.” That was just saying that Trump probably didn’t conduct an independent appraisal, not that the article itself was untrue. You’re grasping at straws trying to justify this criminal who’s facing prosecution once he leaves office for a number of felonies, including money-laundering for the Kosher Nostra and tax evasion. This suspicious transaction was just more icing on a cake that is already well decorated.
This has been coming for a while, pretty much since the day the RNC announced him as candidate, the first two congressman to endorse him are convicted and serving time already as are many others.
One conversation has been the duty of Secret Service and how that will be handled, should Trump be housed in federal prison. On one hand the protection is guaranteed, but on the other, it is asking agents to serve prison time also. My suggestion would be to construct a special facility on this choice property, glass on all sides, 2 dollar admission at the gate. This way , the state can get some money back. Vendors can sell rotten fruit and Orange Julius will certainly want to rent.
That’s why I’m certain that an “October surprise” is headed our way, one that will provide Trump with the “national emergency” he needs to assume dictatorial powers under the USA Patriot Act. This is exactly like Germany in 1933 when the Reichstag fire gave Hitler the excuse he needed to abolish most civil liberties and to transform his government into a legal dictatorship.
That prediction or even contemplation does not correspond with basic situational awareness.
David, who can say at this point what Trump is apt to say or do? We know that he is a desperate man, facing prison after leaving the presidency. He keeps saying that he will not abide by the results of the November election. The USA Patriot Act gives him special powers if he choses to declare a “national emergency.”
Consider this from the Atlantic… “The moment the president declares a “national emergency”—a decision that is entirely within his discretion—more than 100 special provisions become available to him. While many of these tee up reasonable responses to genuine emergencies, some appear dangerously suited to a leader bent on amassing or retaining power”
Comments are closed.