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re: OT- Apparently Buck Belue is a Liberal
Posted on 10/6/23 at 4:04 pm to FinleyStreet
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.
2
Posted on 10/6/23 at 4:17 pm to Barstools
quote:
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.
But mmmmbeer said, and I quote, "that's illegal as frick". He knows, because he heard on NPR and validated it on DU.
Posted on 10/7/23 at 11:18 am to Barstools
quote:
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.
I get how it works just clarifying what the accusations are.
I still don't get why anyone would lend the guy money if he had unreliable financials. It seems odd since a) that would potentially be a huge liability for the bank and b) banks would have protocols in place to prevent that. Getting debt is a huge pain in the arse for all parties involved.
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