Saturday, December 10, 2016
Following up on Wednesday's post, Could President Trump Sell His Businesses, Tax-Free?: Bloomberg Law, Tax Implications of Trump’s Business Decisions: A Primer:
Donald Trump must confront major tax issues when deciding what to do with his real estate empire and other businesses in order to avoid conflicts of interest as he assumes the presidency.
What will happen if he decides to divest his businesses or simply pass them outright to his children?
Trump has hinted at his plans for separating from his businesses but has yet to formally announce them. On Nov. 30, in a series of tweets, he said: “I will be holding a major news conference in New York City with my children on December 15 to discuss the fact that I will be leaving my great business in total in order to fully focus on running the country in order to MAKE AMERICA GREAT AGAIN!”
The president-elect added that while he isn’t mandated to do so under law, “I feel it is visually important, as President, to in no way have a conflict of interest with my various businesses.”
How Trump deals with his holdings could result in different outcomes, practitioners told Bloomberg BNA.