If Foggy wants to remove this to another topic, it is fine by me. But I figured I'd report my observations here. I suspect that a lot of us really don't care about his business dealings, so there may not be much demand for more information.
That said, here goes:
He also paid taxes to CA, HI, IL, IA, MD, NJ, NY, NC, and VA. There were state income tax refunds reported on his return from those states. Likely he files in a couple more, but they (like FL) don't have a state income tax.
All his Schedule C reporting (used to report income/loss from business or profession) appears to be PASSIVE INCOME/LOSSES except for his speaking engagements. He did not participate in those businesses (like the ice skating rink and some aircraft businesses). Many of his partnerships are also passive investments. The general rule is that passive losses can only be used to offset passive gains each tax year except in the year of a total disposition, then that particular passive loss is allowed in full. The other general rule is that you cannot switch between passive and non-passive each and every tax year. So, you can't say that the ice skating rink is passive this year and non-passive next year. I'm not suggesting he did, but stating what the rules are.
I think he files so many Schedule C forms because he is taxed in a lot of states. If he gives a speech in Illinois, he needs to file an Illinois tax return for that speech he made. If he has other Illinois business, like a Motel 6 in Peoria, then that income/loss is also reported to Illinois. It is a heck of a lot easier to use the computer to track his myriad businesses across ten or more states that could have different tax rules than to maintain a manual spreadsheet. It is also easy to figure his "Other State Tax Credit" for double-taxed income. Until he moved to Florida, he was a New York resident, so filed NY state tax returns. He receives a tax credit in New York for taxes paid to other states.
He claimed a charitable deduction for the donation of real estate to the State of New York on that 158-acre parcel. The 8283 form reflects that his basis for tax purposes was around $30 million but the FMV used for the charitable donation was closer to $12 million. I did not see the attached appraisal. I am assuming that he received a better tax benefit through the conservation easement donation as opposed to an outright sale. I make no assumptions about this transaction. It is certainly within the realm of possibility that the value as a conservation easement is greater than a sale of this woodland to a third party who would have to spend a lot of money to improve it.
He claimed a tax credit for "off road use of fuel." He claimed that he or his entities used 78,000 gallons of gasoline during 2015 that was off-road. Since the federal gasoline tax is used for road and highway maintenance, purchasers of fuel that pay the federal gasoline tax can receive the gas tax paid as a refundable tax credit on their personal returns. I cannot think how his golf courses and other businesses would use 78,000 gallons of gas. Sure, maybe the Zamboni might use a few gallons, and maybe the lawnmowers at his golf courses might use some. That is a lot of freaking gasoline. A car that gets 25MPG could drive almost 2 million miles on 78,000 gallons. Usually it is farmers or electrical generators that purchase fuel with taxes paid (you can buy it ex-tax from the distributor if you want) and have to file this form to claim the credit.
He reported under "other income" over $28 million in cancellation of debt income. In other words, he had some loans forgiven or written down by the lenders. But this pittance was more than offset by over $105 million of net operating losses carried forward from previous tax years.
He reported about $50,000 in interest income from Junior, Eric, and Ivanka. As long as the interest rates are within guidelines, I don't have a problem with lending money to kids--even if it is an advance on their inheritance--because it seems to be an arm's length transaction. I was amused that he received a big chunk of interest--millions--from Deutsche Bank. I wonder why. I don't think Donnie is a saver. Could that interest be some sort of escrowed funds held back from loans they gave him?
Last, and perhaps most puzzling to me, are the scores of what is referred to as "UPE or UBE" deductions on his return from the myriad partnerships and S Corporations that he owns. Generally, partners in partnerships and employee-shareholders of S Corporations must request reimbursement from the business if they spend their personal funds for a business expense. However, law and accounting partnerships frequently spell out that partners pay their own business expenses like travel, client meals, or CPE courses. It is also in the regs that this treatment is spelled out in the partnership agreement or (presumably) the by-laws of the corporation. But he has millions that he deducts as "Unreimbursed Partner [Business] Expenses." With his known parsimony, I find it unlikely that he would spend all this money on business expenses. I've deducted these expenses for clients over the years, and I provide detail. And these expenses are relatively small compared to the income earned. Yet, for each and every business the detail is merely UPE or UBE with a dollar figure. Between you me and the fence post, I think that this is where some creative accounting and tax reporting is occurring. Just to be clear, I am making no allegations because I have zero evidence. But if there are any irregularities, this is the most likely spot. And, I wonder how much the preparer dived into these expenses/deductions.
Sorry for the length. But for those who have some interest, this might be a starting point.
Philly Boondoggle
Beat me to it....