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re: OT- Apparently Buck Belue is a Liberal
Posted on 10/6/23 at 4:17 pm to Barstools
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.
1
Posted on 10/6/23 at 4:20 pm to deeprig9
I mean if the under/overstatement was a huge enough amount, sure it could be illegal. I'm not sure of the facts, just pointing out the statement alone just shows he was doing his accounting properly.
ETA: I also wouldn't expect this judge to understand the nuances of property accounting. I would imagine they had fellow CPAS testify but I wouldn't put if past the judge to see 2 different asset values for two different things and try to say that it's fraud.
ETA: I also wouldn't expect this judge to understand the nuances of property accounting. I would imagine they had fellow CPAS testify but I wouldn't put if past the judge to see 2 different asset values for two different things and try to say that it's fraud.
This post was edited on 10/6/23 at 4:24 pm
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