Donald Trump can get a tax break for his Trump U settlement

Doing Fraudulent business is an expense. Whow.


http://www.cbsnews.com/news/donald-trump-can-take-a-tax-deduction-for-his-trump-u-settlement/?ftag=CNM-00-10aab7e&linkId=31461500


Donald Trump can get a tax break for his Trump U settlement



Last Updated Nov 22, 2016 5:30 PM EST

Donald Trump can deduct almost all of the $25 million settlement with former students of his defunct Trump University, settling class-action fraud lawsuits against the president-elect over the controversial real estate course.

The reason he can write off the money is that it is “an expense in the ordinary course of doing business,” said Robert Willens, a New York-based tax consultant. Of the settlement payout, $24 million is earmarked for Trump University students, and another $1 million is a fine. It’s doubtful he could take the fine off his taxes, Willens said.

New York Attorney General Eric Schneiderman announced the $25 million total settlement on Friday. As Trump hustles to put together his new administration, he agreed to settle three civil actions seeking repayment for up to 7,000 students -- two lawsuits in California and Schneiderman’s in New York.

Many of the students will get back at least half their money, lawyers in the settlement said. Some students paid as much as $35,000 to take the Trump-branded instruction. An administrator, selected by New York’s attorney general, will allocate the proceeds to the ex-students, with those who shelled out the most presumably getting more.

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