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re: OT- Apparently Buck Belue is a Liberal
Posted on 10/6/23 at 5:37 am to deeprig9
Posted on 10/6/23 at 5:37 am to deeprig9
Technically he's being accused of both - understating assets for tax purposes and overstating assets to get debt from lenders.
I saw in article recently where Trump's CFO claims he's not familiar with GAAP, which is like Gordon Ramsey saying he's not familiar with potatoes.
I saw in article recently where Trump's CFO claims he's not familiar with GAAP, which is like Gordon Ramsey saying he's not familiar with potatoes.
6
Posted on 10/6/23 at 6:23 am to FinleyStreet
quote:
I saw in article recently where Trump's CFO claims he's not familiar with GAAP, which is like Gordon Ramsey saying he's not familiar with potatoes.
I lol'd.
Posted on 10/6/23 at 8:21 am to FinleyStreet
quote:
I saw in article recently where Trump's CFO claims he's not familiar with GAAP, which is like Gordon Ramsey saying he's not familiar with potatoes.
Almost spit out my coffee
Posted on 10/6/23 at 11:07 am to FinleyStreet
quote:
Technically he's being accused of both - understating assets for tax purposes and overstating assets to get debt from lenders.
My understanding is this is a semi common practice accordi g to whose evaluations the lenders accept...
If Trump was behind in paying his debts I could understand the Government coming after him with barred teeth and wanting their lb of flesh.
BUT... none of his lenders are concerned, debts are being paid and everyone is happy except for the NYC DA who based her whole campaign on getting Trump...
Posted on 10/6/23 at 12:35 pm to FinleyStreet
quote:
I saw in article recently where Trump's CFO claims he's not familiar with GAAP, which is like Gordon Ramsey saying he's not familiar with potatoes.
I found an article where the deposition is quoted. The CFO says he's not a CPA and never studied for the CPA, so he's not an expert in all the components of GAAP. CFO's in medium and large businesses are not accountants, they may have an accounting background, but typically the real accounting work goes to a Big4 or some internal underlings who do the actual real accounting which is then audited by a big4. So this isn't the big gotcha that people are making it out to be. On the other hand, if the CFO was doing the hands on accounting for the business, and claimed to not know shite about GAAP, that would be a big problem. But it still wouldn't necessarily be criminal unless it was a publicly traded company. That's how I understand the situation. I also am not an accountant but did take two accounting classes at UGA. A long time ago.
Posted on 10/6/23 at 4:04 pm to FinleyStreet
quote:
Technically he's being accused of both - understating assets for tax purposes and overstating assets to get debt from lenders.
Well, to be fair, Tax basis allows accelerated depreciation, where GAAP doesn't. Your Tax basis will typically always be lower than your GAAP basis.
You use GAAP basis to secure loans, you use Tax basis to file taxes. Your statement alones isn't indicative of anything other than basic accounting.
Posted on 10/6/23 at 4:23 pm to FinleyStreet
quote:
Technically he's being accused of both - understating assets for tax purposes and overstating assets to get debt from lenders.
Probably every person on this board complains when we get our property valuation for taxes....then we complain when we try to sell our house thinking we should get a whole lot more than that.
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