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Here's Theory #3 On How Donald Trump Got $916 Million in Tax-Free Income

The theories are piling up! Today, Josh Barro summarizes a theory from Lee Sheppard in Tax Notes about how Donald Trump managed to show a $916 million operating loss on his 1995 tax return. By my count, this is the third plausible theory in circulation. I shall now summarize Barro. Sheppard theorizes that Trump's casino operations were organized as an S corporation, in which profits and losses flow through to the owner.
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