Name:   GoneFishin - Subject:   MM Is Blinded By The Facts Date:   10/21/2020 10:29:29 AM

The following is from NYT and WPost. Post your facts....they only exist in your head.

"Then there’s that $1,500 in 2016 and 2017, the most recent year for which data are available. It’s worth noting that Trump paid the government about $5.2 million for his estimated 2016 and 2017 bills, preliminary estimates of what he would owe before he filed.

Once he filed, though, those dropped to that nominal $750 apiece — and the other $5.198 million can be used as credit for future years’ bills. Trump had $22.7 million in General Business Credit, much of it carried forward from prior years, that he could apply.

The business credit cannot be used to get a refund; it can only be applied against taxes owed. Mr. Trump had more than enough to cancel out his $7,435,857 tax bill. But on the Form 3800 for the General Business Credit, his accountants subtracted $750 from his allowable credit. Why they did that is not clear. But the result was a total federal income tax liability of $750."

Trump’s tax bill in 2017

Alternative Minimum Tax  $7,435,857

General Business Credit   ($7,435,107)

Total income tax due                 $ 750

You are obviously not familiar with FORM 3800.