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Mon Nov 18, 2019, 05:48 PM

Trump owes more than ***$50 million*** to an LLC that exists mostly on paper.

Kevin M. Kruse Retweeted

The biggest mystery in @realdonaldtrump's financial disclosures: he owes more than ***$50 million*** to an LLC that exists mostly on paper. No employees, no office, no assets of its own.
That mystery lender, Chicago Unit Acquisition LLC,
just filed its annual report. This is it.



This one-page doc from the Illinois Sec. of State is the only annual public proof that this LLC even exists.
It shows -- as always -- that this huge creditor of @realdonaldtrump's is owned by Trump's own company.
@trump Org has not explained why or how.



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Reply Trump owes more than ***$50 million*** to an LLC that exists mostly on paper. (Original post)
mahatmakanejeeves Nov 2019 OP
SWBTATTReg Nov 2019 #1
tinrobot Nov 2019 #9
joost5 Nov 2019 #17
radical noodle Nov 2019 #25
DENVERPOPS Nov 2019 #27
NewJeffCT Nov 2019 #2
louis-t Nov 2019 #3
Mme. Defarge Nov 2019 #14
malaise Nov 2019 #4
calimary Nov 2019 #18
malaise Nov 2019 #19
Wellstone ruled Nov 2019 #5
Mike 03 Nov 2019 #6
crickets Nov 2019 #20
AtheistCrusader Nov 2019 #26
Brainfodder Nov 2019 #51
politicaljunkie41910 Nov 2019 #33
RestoreAmerica2020 Nov 2019 #7
Kind of Blue Nov 2019 #30
moonscape Nov 2019 #45
UpInArms Nov 2019 #8
lapfog_1 Nov 2019 #10
sandensea Nov 2019 #11
paleotn Nov 2019 #12
Duppers Nov 2019 #46
Raster Nov 2019 #13
FakeNoose Nov 2019 #16
Raster Nov 2019 #23
Botany Nov 2019 #15
gratuitous Nov 2019 #21
Mr. Ected Nov 2019 #22
SunSeeker Nov 2019 #24
pioche4 Nov 2019 #29
Glimmer of Hope Nov 2019 #28
Scurrilous Nov 2019 #31
SleeplessinSoCal Nov 2019 #32
Blue Owl Nov 2019 #34
Totally Tunsie Nov 2019 #35
Mc Mike Nov 2019 #36
mahatmakanejeeves Nov 2019 #37
pecosbob Nov 2019 #38
bucolic_frolic Nov 2019 #39
NCjack Nov 2019 #40
Roland99 Nov 2019 #41
Roland99 Nov 2019 #42
Roland99 Nov 2019 #43
Duppers Nov 2019 #47
mahatmakanejeeves Nov 2019 #44
Laura PourMeADrink Nov 2019 #48
ET Awful Nov 2019 #49
matt819 Nov 2019 #50

Response to mahatmakanejeeves (Original post)

Mon Nov 18, 2019, 05:52 PM

1. Yeah, rump owning interest payments/etc. to himself, so he can write off on taxes to ...

himself paying interest charges. I wonder if he's declared this as income too, on the other side of the fence (interest expenses vs. income, equal in size).

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Response to SWBTATTReg (Reply #1)

Mon Nov 18, 2019, 06:21 PM

9. He declares it as income to banks loaning him money.

He forgets to declare it to the IRS, but he still deducts the payments.

I guess that makes him smart... it also makes him a crook.

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Response to SWBTATTReg (Reply #1)

Mon Nov 18, 2019, 06:55 PM

17. How can companies have no employees and still be companies?

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Response to joost5 (Reply #17)

Mon Nov 18, 2019, 07:36 PM

25. There must be ownership

but not employees. Many companies do this for a variety of reasons. I've worked for small corporations who formed LLCs and sold their assets to the new company, then paid rent to the LLC. That allows for the assets to be depreciated all over again and the "rent" the original company pays is just enough for the LLC to pay the original company for the assets. The LLC never had to pay a dime for any employees.

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Response to joost5 (Reply #17)

Mon Nov 18, 2019, 08:07 PM

27. I think

I think that the entire world will learn in the future that most, if not all, of this self acclaimed BILLIONAIRES wealth is a figment of his imagination and purely exists only on paper.......

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Response to mahatmakanejeeves (Original post)

Mon Nov 18, 2019, 05:52 PM

2. I bet if one were to dig deep enough

Chicago Unit Acquisition is owned by another company that's in the Caribbean, and then another company elsewhere in the Caribbean and then that company is then owned by another company maybe in Cyprus or similar. And, the company is Cyprus is a front from Russian mobsters.

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Response to mahatmakanejeeves (Original post)

Mon Nov 18, 2019, 05:53 PM

3. Watch "American Greed, Scoundrels and Scammers"

This is a typical pyramid or money laundering scam. It's how they 'loan' other peoples' money to themselves. One of these days, they will do an episode on drumpf. It's a gonna be a two-parter. Or more.

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Response to louis-t (Reply #3)

Mon Nov 18, 2019, 06:51 PM

14. Multiple seasons!

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Response to mahatmakanejeeves (Original post)

Mon Nov 18, 2019, 05:57 PM

4. Off to the greatest page

RFN!

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Response to malaise (Reply #4)

Mon Nov 18, 2019, 07:05 PM

18. Off to the Pulitzers again for David Fahrenthold, I'd guess.

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Response to calimary (Reply #18)

Mon Nov 18, 2019, 07:11 PM

19. Ditto

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Response to mahatmakanejeeves (Original post)

Mon Nov 18, 2019, 05:58 PM

5. Ponzi ponzi ponzi.

 

One of the tools used in Ponzi Schemes.

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Response to mahatmakanejeeves (Original post)

Mon Nov 18, 2019, 06:01 PM

6. A good article on this scandal

Business Insider

Trump may have committed tax fraud by fabricating a loan to avoid paying income taxes on nearly $50 million

snip

Mother Jones' investigation found that Trump was able to clear his debt with Deutsche Bank and Fortress Investment Group over the next several years but that Fortress ultimately agreed to accept just $48 million back for the loan it had made to Trump, which by that time was worth around $100 million.

That means one of two things occurred:

Fortress considered the loan repaid and forgave more than $50 million of debt from Trump, an action known as a discounted payoff. If that happened, the debt would be considered taxable income, and Trump would have had to pay as much as a 39% income tax on it.

Trump bought the remaining debt using a corporation and "parked" the money there to avoid paying income taxes on it. This practice, known as debt parking, is legal as long as the borrower plans to repay the rest of the loan. It's illegal to engage in this indefinitely.

Two sources with direct knowledge of the Fortress loan told Mother Jones the hedge fund didn't sell Trump the loan and instead canceled the debt after Trump repaid about half of it.

But Trump still claims he owes millions related to the Trump hotel project in Chicago.

"That means there may have been no loan to buy, no debt to park; Trump might have invented a loan — and then parked it" to avoid paying taxes on $48 million of income, Mother Jones reported.


More at: https://www.businessinsider.com/trump-may-have-made-up-loan-tax-fraud-mother-jones-2019-9

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Response to Mike 03 (Reply #6)

Mon Nov 18, 2019, 07:15 PM

20. One of the many data points showing why he is desperate to keep his tax records hidden.

This one scam alone just boggles the mind. Link to the Mother Jones article mentioned:

Donald Trump Has Never Explained a Mysterious $50 Million Loan. Is It Evidence of Tax Fraud?

Donald Trump’s massive debts—he owes hundreds of millions of dollars—are the subject of continuous congressional and journalistic scrutiny. But for years, one Trump loan has been particularly mystifying: a debt of more than $50 million that Trump claims he owes to one of his own companies. According to tax and financial experts, the loan, which Trump has never fully explained, might be part of a controversial tax avoidance scheme known as debt parking. Yet a Mother Jones investigation has uncovered information that raises questions about the very existence of this loan, presenting the possibility that this debt was concocted as a ploy to evade income taxes—a move that could constitute tax fraud.

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Response to crickets (Reply #20)

Mon Nov 18, 2019, 08:00 PM

26. He's stupid enough to hire Guiliani, imagine the idiots he has managing his money.

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Response to AtheistCrusader (Reply #26)

Tue Nov 19, 2019, 05:46 PM

51. Self centered opportunist that can't say NO?

Ultimately they are fighting this absurd fight now probably because they know they are DONE.

This fight is all they got left before they rot or suicide, amazed Mr. Stone was cut loose before his sentencing, won't be at all shocked if he winds up deceased the day before he's taken to his cell.

...cowards... Moscow Mitch, DJT, & the whole lot of scoundrels who have announced themselves during all of this, looking at you Jim Jordan!

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Response to Mike 03 (Reply #6)

Mon Nov 18, 2019, 09:32 PM

33. If these Financial Disclosure forms that Trump is signing are required of Trump as President,

as is for every other Federal Employee as well; those documents are signed and submitted under penalty of perjury. If Trump is lying, than he is guilty of perjury, and that shouldn't require a complete audit of all Trump's financial records to prove perjury, just review of this one document in question. Either it's a legitimate debt or it's not, and the burden of proof would be on Trump to prove that this debt is legitimate or not. The IRS can make that determination without a full blown audit, (though I have nothing against the IRS doing a full blown audit of this shyster's financial records). Also, there are some instances where debt forgiveness is considered as income and is taxable. Again, this doesn't require a full blown audit to decide one way of another. Trump has been cheating the system his entire life. Time for the IRS to grow a pair and make an adult decision now; and stop letting him run out the clock.

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Response to mahatmakanejeeves (Original post)

Mon Nov 18, 2019, 06:02 PM

7. Damn is there no end to odious traitor [& family] in WH criminality/corruption? Can you imagine if

...what he did have gotten away with had we not come out in full force in 2018..and some pundits [friend and foe] say we won't win in 2020..hell yes we will!

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Response to RestoreAmerica2020 (Reply #7)

Mon Nov 18, 2019, 08:16 PM

30. +Infinity to every single word!

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Response to RestoreAmerica2020 (Reply #7)

Tue Nov 19, 2019, 02:40 PM

45. The only question is if we can vote in

numbers that overwhelm the inevitable interference. He would be trounced in an honest election.

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Response to mahatmakanejeeves (Original post)

Mon Nov 18, 2019, 06:10 PM

8. That little shenanigan reminds me of a thing called

Check kiting ...

Was an old real estate developer trick on moving invisible money

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Response to mahatmakanejeeves (Original post)

Mon Nov 18, 2019, 06:25 PM

11. Signature loans have become the preferred method of bribery these days

It's a bribe as they're not meant to be paid back - except, of course, in kind (i.e. favors).

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Response to mahatmakanejeeves (Original post)

Mon Nov 18, 2019, 06:33 PM

12. Tax fraud.

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Response to paleotn (Reply #12)

Tue Nov 19, 2019, 03:21 PM

46. Indeed and deserving of *PRISON* time.

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Response to mahatmakanejeeves (Original post)

Mon Nov 18, 2019, 06:38 PM

13. tRump* may have a secret creditor...

https://www.motherjones.com/politics/2017/02/does-trump-have-mystery-creditor/

Among Donald Trump’s debts—the source of some of his most intractable conflicts of interest—is a mystery loan that Trump has not publicly explained. And this means that the president could have a secret creditor to whom he owes tens of millions of dollars.

According to Trump’s financial disclosure records and various news reports, Trump is carrying hundreds of millions of dollars in debt. These transactions could provide his creditors with leverage over the new commander-in-chief. Moreover, it would be difficult for Trump to refinance or modify the terms of his various loans without raising suspicion that he is receiving favorable treatment because of his position. (Imagine a bank gives him a good rate. Would this suggest it might receive preferential treatment from the US government Trump heads?) Because Trump has refused to release his tax returns, it’s impossible for the public to know exactly how much he owes and to whom. And Trump never kept his campaign promise to reveal all his creditors and obligations.

The financial disclosure form he filed last year did note more than a dozen loans totaling at least $713 million. But the full amount could be more. And buried in the paperwork is a puzzling debt that ethics experts say could suggest that Trump has a major creditor he has not publicly identified.

According to the disclosure, in 2012, Trump borrowed more than $50 million from a company called Chicago Unit Acquisition LLC. (The true value of the loan could be much higher; the form requires Trump only to state the range of the loan’s value, and he selected the top range, “over $50,000,000.”) Elsewhere in the same document, Trump notes that he owns this LLC. That is, he made the loan to himself. There’s nothing necessarily unusual about that.

<snip, more>

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Response to Raster (Reply #13)

Mon Nov 18, 2019, 06:54 PM

16. Right, and the creditor could well be a foreign company or person

Since Delaware is notorious for allowing "file drawer" holding companies with fake addresses to register with the intent of avoiding taxes and oversight, the Chump corporation used to advise its Russian customers to do exactly that.

Many Russian mobsters bought condos in Chump's buildings using names like "ABC Holding Company" with a fake Delaware address, when the real funds came straight from Russia. It's money laundering of the highest order.

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Response to FakeNoose (Reply #16)

Mon Nov 18, 2019, 07:25 PM

23. tRump* and his "real estate" businesses have been prime cash laundries for the Russians*...

...citizens, Russian* mob, Russian* oligarchs (frequently one and the same with Russian* mob) and Russian* government officials (again: mob, oligarch, government officials... many times it's hard to tell the difference).

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Response to mahatmakanejeeves (Original post)

Mon Nov 18, 2019, 06:53 PM

15. Fucking grifter

This one-page doc from the Illinois Sec. of State is the only annual public proof that this LLC even exists.
It shows -- as always -- that this huge creditor of @realdonaldtrump's is owned by Trump's own company. @trump Org has not explained why or how.

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Response to mahatmakanejeeves (Original post)

Mon Nov 18, 2019, 07:18 PM

21. Doing a little poking around

DJT Holdings, LLC is registered in New York as a foreign limited liability company registered in Delaware (in this case, "foreign" means "outside the state of New York," and not necessarily a corporation from another country.

After trying DJT Holdings LLC and several variants on the Delaware Corporation search site, I didn't turn up any entity by that name registered in Delaware.

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Response to mahatmakanejeeves (Original post)

Mon Nov 18, 2019, 07:22 PM

22. This is a lot more real than the quest for a non-existent birth certificate

Why, oh why, is the narrative not the same under these circumstances?

Because Trump is a mob boss, and the mob protects itself. Now, with full constitutional powers.

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Response to mahatmakanejeeves (Original post)

Mon Nov 18, 2019, 07:31 PM

24. K & R & Retweeted!

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Response to mahatmakanejeeves (Original post)

Mon Nov 18, 2019, 08:11 PM

28. Doesn't one of his mob friends have something to

do with Chicago?

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Response to mahatmakanejeeves (Original post)

Mon Nov 18, 2019, 08:33 PM

31. K&R

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Response to mahatmakanejeeves (Original post)

Mon Nov 18, 2019, 08:43 PM

32. how to distill this for popular consumption?

Connect the dots, etc...

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Response to mahatmakanejeeves (Original post)

Tue Nov 19, 2019, 12:29 AM

34. Trump and his filthy lucre

May his grubby little hands speed up his downfall...

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Response to mahatmakanejeeves (Original post)

Tue Nov 19, 2019, 01:03 AM

35. Corporation in a Box...

The most you need is a checkbook and a box of stationery.

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Response to mahatmakanejeeves (Original post)

Tue Nov 19, 2019, 10:49 AM

36. Seems crooked, mobbed up, illegal.

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Response to mahatmakanejeeves (Original post)

Tue Nov 19, 2019, 11:09 AM

37. Mother Jones: We uncovered information that raises questions about the very existence of this loan.

David Fahrenthold Retweeted

Reminder: Trump owes $50 million to one of his own companies. We uncovered information that raises questions about the very existence of this loan, presenting the possibility that this debt was concocted as a ploy to evade income taxes.⁠


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Response to mahatmakanejeeves (Original post)

Tue Nov 19, 2019, 11:23 AM

38. And what's the lesson we've learned here today, boys and girls?

FTM...follow the money.

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Response to mahatmakanejeeves (Original post)

Tue Nov 19, 2019, 11:30 AM

39. It's a puzzling one for sure

I'm wondering if using shell corporations lending to one another it is possible to create equity, sort of like the fed's fractional reserve banking that creates money when it is lent out. Trouble is I think accountants would pick up on it, so maybe you have shadow corps that you don't tell anyone about?

I'm just imagining out loud.

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Response to mahatmakanejeeves (Original post)

Tue Nov 19, 2019, 11:49 AM

40. Conald -- everything about him is a con, bribe or

shakedown. Someone is paying him for taking Malignia into the White House.

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Response to mahatmakanejeeves (Original post)

Tue Nov 19, 2019, 11:53 AM

41. Farenthold was on this last year, along with Lincoln's Bible and SpicyFiles

Start of a long thread:




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Response to Roland99 (Reply #41)

Tue Nov 19, 2019, 11:55 AM

42. LONG and detailed thread showing links to Trump Tower Chicago w/this LLC (money laundering???)

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Response to Roland99 (Reply #41)

Tue Nov 19, 2019, 12:03 PM

43. ADDITIONALLY - Is this linked to Concord companies (indicted by Mueller)???

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Response to Roland99 (Reply #43)

Tue Nov 19, 2019, 03:23 PM

47. Wow! nt

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Response to Roland99 (Reply #41)

Tue Nov 19, 2019, 12:05 PM

44. Thanks for digging that up. DU covered it then too. Not only that, but....

October 8, 2018: Trump owes $50 million *to his own Delaware corporation* w/ address in Trump Tower in NYC

February 23, 2017: Mystery $50 Million Loan

This has to be one of the earliest mentions of it at DU, if not the earliest mention.

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Response to mahatmakanejeeves (Original post)

Tue Nov 19, 2019, 04:16 PM

48. Repukes right about one thing..

Impeachment taking time from other efforts like finding more attrocities.

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Response to mahatmakanejeeves (Original post)

Tue Nov 19, 2019, 04:54 PM

49. Then he defaults on the loan to himself and writes off the loss on the other end for a deduction.

n/t

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Response to mahatmakanejeeves (Original post)

Tue Nov 19, 2019, 05:36 PM

50. Russia?

The post observes that the LLC is owned by trump's company. Pardon me, but why would I believe anything associated with that company or that family?

So. Some other options, with the trump org as the front:

Putin?

Other Russian oligarchs?

Erdogan?

Or maybe it's just a paper transaction to enable tax avoidance/evasion. If he really owes the money, complete with documentation, payments, terms, conditions, etc., then it could be tax avoidance. If he doesn't owe anything, it's just a paper transaction to give him the chance to deduct the interest. I think that would be tax evasion.

Tax returns anyone?

In short, he's a con man and a crook, and so much more.

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