Is it legal or illegal to have two sets of books for your financial records?

[WinterBorn]

It is perfectly legal to have 2 sets of books. As long as you report the right incomes.

 

[Esdraelon]

I’m not saying it happened

I’m just wondering how posters will react if someone being investigated gets charged with falsifying financial records.

Does pleading the 5th even matter if there is documented proof of two sets of books?

At absolute WORST, his corporation will be convicted of a tax-evasion charge. Those who think such a conviction would disqualify him from a run in '24 are deluded. A conviction for TREASON or removal after Impeachment are the only two means of keeping him from running again. TICK, TOCK, baby!

 

[Maxdeath]

You guys are such a smart group



I got hundreds of friends
Doesn’t every normal functioning white American male in his 60’s?

Are any of them able to be seen by other people?

 

[Polishprince]

I’m not saying it happened

I’m just wondering how posters will react if someone being investigated gets charged with falsifying financial records.

Does pleading the 5th even matter if there is documented proof of two sets of books?

If a prosecutor has proof of wrongdoing, they would just have the suspect arrested and wouldn't question them at all.

But in the case of the Trumpster, there is no proof of wrongdoing- so that's why he is still free and making more money than ever.

 

[Toddsterpatriot]

I have several sets of books, myself.

The Dune series, the Enders game series, the Earthsea series, the Foundation series, the Hyperion series............

Known Space?

 

[Colin norris]

I’m not saying it happened

I’m just wondering how posters will react if someone being investigated gets charged with falsifying financial records.

Does pleading the 5th even matter if there is documented proof of two sets of books?

Plenty if businesses do that. One for the tax guy and one for the bank.
No legislation will save anyone if the evidence us there. Including trump.

 

[Winco]

At absolute WORST, his corporation will be convicted of a tax-evasion charge. Those who think such a conviction would disqualify him from a run in '24 are deluded. A conviction for TREASON or removal after Impeachment are the only two means of keeping him from running again. TICK, TOCK, baby!

Why is this thread about trump?

 

[Dogmaphobe]

Known Space?

and Ringworld, too.

 

[whitehall]

The term "sets of books" is misleading, inaccurate and downright insulting. Business owners are required to keep financial records that are used for tax purposes. If the records are false or misleading they are liable for penalties. Anybody can keep records for their own use.

 

[WinterBorn]

If a prosecutor has proof of wrongdoing, they would just have the suspect arrested and wouldn't question them at all.

But in the case of the Trumpster, there is no proof of wrongdoing- so that's why he is still free and making more money than ever.

Or there is proof, but the prosecutor knows it has to be enough for a slam dunk, and they are still investigating.

 

[MarathonMike]

I’m not saying it happened

I’m just wondering how posters will react if someone being investigated gets charged with falsifying financial records.

Does pleading the 5th even matter if there is documented proof of two sets of books?

I prefer the Black Lives Matter method of no books.

 

[Dogmaphobe]

I prefer the Black Lives Matter method of no books.

Their not being able to read helps immensely in that regard.

 

[Dogmaphobe]

I’m not saying it happened

I’m just wondering how posters will react if someone being investigated gets charged with falsifying financial records.

Does pleading the 5th even matter if there is documented proof of two sets of books?

Rest assured, my friend.

Your pretzel stand is not high on the list for the IRS.

Thet don't really worry all that much about businesses that do less than a hundred bucks a year in sales.

 

[Polishprince]

Of course, the point also is that the valuations used for tax purposes are always different than those used for loan purposes.

Tax assessment values are numbers designed so that each property owner pays their proportionate share of the real estate tax burden. The market value of a property might be a million bucks, but an assessed value of $10,000 might still be outrageously high depending on the jurisdiction, or a value of $10 Million might be low. The value assigned is only useful in reference to other properties.

Income tax basis is something else as well. Its just based up on the price paid at the time of purchase plus any improvements that couldn't be subtracted immediately as expenses. It may or may not have any relations to the current value of the property and also depends on whether its been amortorized at all.

OTOH, value for lending purposes is different. The bank wants to know what the property is worth if you default on the loan. No relations to either of the values important to tax bodies.

 

[CrusaderFrank]

Exactly
It was clearly hypothetical
Why does

CrusaderFrank automatically think this thread is trump related?

Because Trump occupies your every thought and post

 

[JOSweetHeart]

I’m not saying it happened

I’m just wondering how posters will react if someone being investigated gets charged with falsifying financial records.

Does pleading the 5th even matter if there is documented proof of two sets of books?

Forgive me if this is a dumb question, but what if the person knew nothing about the second book due to it being planted by another person?

God bless you always!!!

Holly

 

[Winco]

Because Trump occupies your every thought and post

Post #1.

Trump never mentioned in the OP, Post #1
Trump mentioned in post #2
Biden mentioned in post #2.

What happened to post #2, WHY was CrusaderFrank post #2 deleted?

 

[boedicca]

I’m not saying it happened

I’m just wondering how posters will react if someone being investigated gets charged with falsifying financial records.

Does pleading the 5th even matter if there is documented proof of two sets of books?

Are you asking for a friend?

 

[Winco]

Forgive me if this is a dumb question, but what if the person knew nothing about the second book due to it being planted by another person?

God bless you always!!!

Holly

There it is ^^^^^^^
Claiming ignorance of a fact doesn't mean one wasn't involved.

It's been noted here in many posts that it is clearly a procedure done 'legally' all the time.

But in the case of the Trumpster, there is no proof of wrongdoing- so that's why he is still free and making more money than ever.

 

[Turtlesoup]

But if you have one set of books that you show to acquire loans and another that you show to the IRS...is that legal?

Yes...Insurance value is different than auction value which is different than what is really expected to sale shortterm or long term....

Zillow says my house is worth one thing,
Realtor.com says another
Tax man says another
An appraiser doing an appraisal for resale will say one thing
while the same appraiser for a loan will say another
and A realtor will say another

This is why taxman has their own appraisers and banks generally demand that you hire one of theirs for appraisals. The two are never the same--and everyone who has ever bought a house knows this but watch the dems fake this nonsense as the crime of the century.