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Trump Reveals Flat Revenue at Controversial Washington Hotel

Attys-general for the state of MD and District of Columbia presented this hotel as an exemplar in their complaint of injuries (primarily future tax losses, possibly tax avoidance) induced by Mr Trump's violations of emoluments clauses. I implied the brief is weak. Bill and Caleb try to help out with a bolluxed application of GAAP to US "disclosure" forms. These in no way resemble either financial reports or statements required of publicly traded firms (which "Trump" is not) by the SEC or corporate and individual income (hold that thought) tax returns required by the IRS.

Plaintiffs' Damage Control: Revenue is not income?

The disclosure form, the first Trump has filed since taking office, says that his hundreds of holdings produced at least $528.9 million over a 15 1/2-month period that ended in April. That number appears to mix revenue with income, as Trump's previous disclosures have.

Pedantry

Revenue is income. Turnover is income. The top-line of any profit and loss (P&L) statement, "gross revenue" or "gross income" or "earnings," is the sum of all monies  produced by any enterprise/activity in a specific period EXCEPT unearned income. Unearned income of an enterprise --be that of an individual or corporation-- is money produced by title of a security (an ownership interest in indenture or debenture) issued by a third-party enterprise.

Both IRS and SEC reporting forms segregate gross income from gross unearned income amounts by line item. Unearned income is far down the list and not detailed, altho' the earnest reader may read footnotes for clues. where the reporter adds back profit (loss) to EBITDA (Earnings Before Interest Tax Depreciation Amortization less all expenses) in order to calculate net income. Which is similar to Adjusted Gross Income amount on yer individual income tax filing form.

What Bill and Caleb should have said is, disclosure reporting provides no means to differentiate income produced by corporate and individual activities, because "Trump" and the corporate enterprise are one and the same, as the story goes. Let's carry on. The public of liberal liberals hope to impeach The Man rather than the company for alleged violations of emoluments clauses. Institutions of capitalism must prevail. Therefore The Man must somehow be isolated from the body of the corporation --all the employees EXCEPT the Russian ones-- in order to ascertain the depth of The Man's depravity, personalty, profit (loss) from "holdings". That is The Man's unearned income ... regardless of enterprise profit (loss) reporting.

Private Equity Investors Shocked

The financial disclosure forms that U.S. officials are required to file offer only an imperfect window into Trump's assets, debt and income.
[...]
The ranges listed for liabilities were largely unchanged from prior disclosures.
[...]
Three lawsuits claim that Trump's businesses [?]-- including the hotel -- violate the U.S. Constitution's "emoluments clause," which bans U.S. officials from accepting payments or gifts from foreign governments or from U.S. state and local governments.

ooo boy


Diversity is the key to economic and political evolution.

by Cat on Sat Jun 17th, 2017 at 02:40:28 PM EST
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