NYT out with an article that is probably related to the near billion dollar loss in the tax return story earlier.
Basically it covers how Trump, instead of paying taxes on the debts that were forgiven to him over his failing casinos as he should (a dollar of forgiven debt is the same as a dollar of income), by trading "partnership equity" with a partner, basically making the forgiven debt go away.
Basically he's deducting someone else's losses. At the time it wasn't explicitly illegal but it also wasn't explicitly legal, but deducting someone else's loses is double dipping, obviously not something that should be allowed even if using some shell game to hide things. Even his tax lawyers said the IRS would probably cry foul.
The really funny part... Remember in the debate when Trump said that Clinton should have been doing something to stop people like him from using loopholes (or something like that)? Well this loophole was closed in 2004. Clinton was one of the senators who voted to close it.
http://www.nytimes.com/2016/11/01/us...trump-tax.html