Mr. Trump’s lawyer handed the magistrate an income and expense statement showing that the gross revenue had indeed been $50 million. But after paying operating costs, the resort had actually lost $2.4 million.
Mr. Trump has repeatedly held out his financial disclosures as a justification for breaking with tradition and refusing to release his personal tax returns
The records demonstrate that large portions of those numbers represent cash coming into his businesses before covering costs like mortgage payments, payroll and maintenance. After expenses, some of his businesses make a small fraction of what he reported on his disclosure forms, or actually lose money.
Mr. Trump has repeatedly held out his financial disclosures as a justification for breaking with tradition and refusing to release his personal tax returns
The records demonstrate that large portions of those numbers represent cash coming into his businesses before covering costs like mortgage payments, payroll and maintenance. After expenses, some of his businesses make a small fraction of what he reported on his disclosure forms, or actually lose money.
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