By: Sam Brunson
Please issue an opinion tomorrow so the law nerds will stop dropping “emoluments” in every other tweet for at least a day.
— Supreme Court Haiku (@SupremeHaiku) November 29, 2016
A week and a half ago, David entered the debate about Trump’s potential problem with the Emoluments Clause. He pointed out that, whether or not Trump’s business interests would run afoul of the Emoluments Clause, any divestiture of assets would probably trigger a significant tax liability. (We don’t know exactly what that would be, but given that many of his assets are real property interests, he has probably been depreciating them, so even if they haven’t appreciated in value, his adjusted basis is probably significantly lower than the fair market value of the assets. So when he sells them, the sale will probably trigger a significant taxable gain.) Continue reading “Trump’s Emoluments Tax Problem, Part Two”