Homebuilders and subprime lenders also benefitted from net operating loss carrybacks
By Brena Swanson | HousingWire
Republican presidential candidate Donald Trump’s method to allegedly and legally avoid federal income taxes for up to 18 years after suffering a $916 million business loss in 1995 is based on the same law that prevented many housing companies from going out of business less than a decade ago.
In fact, back when this was going on in 2009 and 2010, real estate lawyer Chris Hunter, of the San Francisco Bay area law firm Morgan Miller Blair, told HousingWire the law is most applicable to homebuilders.
When President Barack Obama signed the “Worker, Homeownership and Business Assistance Act of 2009” into law in November 2009, extending the first-time homebuyer tax credit as well as certain jobless benefits, he also extended the credit to repeat buyers and allowed corporations to recoup certain losses through back taxes.
