Trump financials detail his vast business holdings; reducing value of studying individual tax returns

While the study of tax returns may have meaning for individuals, it has far little information than the assets and liabilities of a business. I learned this in the process of buying and selling newspaper companies in the 80s and 90s.

Donald Trump’s holdings are vast, and they are so diversified that any analysis of how each of hundreds of corporations makes a profit, would take yards of paper and millions of entries.

But Trump’s required election bid financial disclosure form shows how his empire works and could provide many hours of conjecture.

It isn’t how much you make, but how much you are worth. Warren Buffett lives in an average house, lives an average skinflint life, and is the second richest man in the country. He probably earns little compared to others, but he owns more than almost anyone else.

Trump’s financials are here: Trump Holdings

In total there are 518 disclosures of firms and non-profits that he holds an interest. Besides the raw listing there are details about each one.

Examples:

• DJT AEROSPACE LLC 039,
  $1 ,000,001 – $5,000,000
  rent $100,001 – $ 1,000,000
  Underlying Assets: aircraft
  Location: New York, NY
  See attached schedule
• DJT HOLDINGS LLC 042
  $5,000,001 – $25,000,000
  interest $50,001 – $100,000
  Value reported reflects bank account and US Treasury Security only.
  Entity’s other holdings and assets are reported elsewhere; see attached
  schedule. Holding company, New York, NY
• Excel Venture I LLC 098
  $5,000,001 – $25,000,000
  rent $100,001 – $1 ,000,000
  Underlying Assets: residential rental property
  Location: St. Martin, French West Indies
  See attached schedule
• Fifty-Seventh Street Associates LLC 100
  Over $50,000,000
  rent Over $5,000,000
  Underlying Assets: commercial real estate
  Location: New York, NY
  See attached schedule

With more than 500 of these entities, most with attached detailed schedules, it seems humorous that anyone would consider a couple page overview tax return summary of any value. If you want to know why I came this to this conclusion, review the 94-page pdf linked above in this blog.