Unless you were buried alive during this week’s snowstorm, you probably heard that Donald Trump’s 2005 individual income tax return has been disclosed. To date, no one has taken responsibility for its discovery, except for the journalist who found it on his doorstep. Many of the talking heads and late night comedians have discussed and joked about the return, or more accurately its first two pages. Few, if any, have discussed what the return partially states or even means in regards to President Trump’s reported income and/or assets. Granted, this information is incomplete and may pose more questions than answers. However, this exercise is not uncommon for a forensic accountant engaged in analyzing an individual income tax return in a business dispute or matrimonial action. This discussion is non-partisan. Truthfully, the subject matter could be about anyone. But you are reading this blog post because it applies to the current President of the United States. Let this be a primer for those of you that are commercial or family law litigators. Form 1040 is the long form federal individual income tax return filed annually by individuals. You can obtain a full copy of this (blank) form and its instructions here. This particular filing is for the year 2005, which is 12 years prior to Mr. Trump becoming President. It is fair to say that if President Trump voluntarily submitted his returns for public review, he probably would not have provided a return filed so many years ago. Here is […]
Monthly Archives: March 2017
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Understanding The Trump Individual Income Tax Return From a Forensic Accountants’ Perspective
Posted in Forensic Accounting, on Mar 2017, By: Mark S. Gottlieb