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特朗普家族“逃税门”(五):商业帝国的缩水戏法

更新时间:2018-10-12 19:18:17 来源:纽约时报中文网 作者:佚名

Trump Engaged in Suspect Tax Schemes as He Reaped Riches From His Father
特朗普家族“逃税门”(五):商业帝国的缩水戏法

THE ALCHEMY OF VALUE

价值的炼金术

The transfer of most of Fred Trump’s empire to his children began with a ‘friendly’ appraisal and an incredible shrinking act.

弗雷德·特朗普将大部分房地产帝国转移给子女,这想工作以一个“友好”的资产评估、以及让人难以置信的缩水戏法开始。

In his 90th year, Fred Trump still showed up at work a few days a week, ever dapper in suit and tie. But he had trouble remembering names — his dementia was getting worse — and he could get confused. In May 1995, with an unsteady hand, he signed documents granting Robert Trump power of attorney to act “in my name, place and stead.”

在弗雷德·特朗普90岁那年,他每周仍有几天去上班,而且总是衣冠楚楚,穿着西装,打着领带。但他已经记不起人名字了——他的失智症正变得越来越严重——他有时会感到困惑。1995年5月,他用不太稳的手在文件上签了字,授予罗伯特·特朗普代理权,以“我的名义和身份,代替我”行事。

Six months later, on Nov. 22, the Trumps began transferring ownership of most of Fred Trump’s empire. (A few properties were excluded.) The instrument they used to do this was a special type of trust with a clunky acronym only a tax lawyer could love: GRAT, short for grantor-retained annuity trust.

六个月后的11月22日,特朗普家族开始转移弗雷德·特朗普大部分帝国的所有权。(几处房地产没有被包括进来。)他们用来做这件事的工具是一种特殊类型的信托,有一个只有税务律师才会喜欢的笨拙的首字母缩写:GRAT,全称是“捐赠者保留年金信托”(grantor-retained annuity trust)。

GRATs are one of the tax code’s great gifts to the ultrawealthy. They let dynastic families like the Trumps pass wealth from one generation to the next — be it stocks, real estate, even art collections — without paying a dime of estate taxes.

这种信托是美国税法送给超级富豪的一份厚礼。它让特朗普这样的王朝家族把财富从一代传给下一代——无论是股票、房地产,还是艺术品收藏——而无需缴纳一分钱的遗产税。

The details are numbingly complex, but the mechanics are straightforward. For the Trumps, it meant putting half the properties to be transferred into a GRAT in Fred Trump’s name and the other half into a GRAT in his wife’s name. Then Fred and Mary Trump gave their children roughly two-thirds of the assets in their GRATs. The children bought the remaining third by making annuity payments to their parents over the next two years. By Nov. 22, 1997, it was done; the Trump children owned nearly all of Fred Trump’s empire free and clear of estate taxes.

这种信托的细节复杂得让人发懵,但机制却很简单。对特朗普家族来说,这意味着把一半财产转移到弗雷德·特朗普名下的GRAT,把另一半财产转移到他妻子名下的GRAT。然后,弗雷德和玛丽·特朗普将他们各自的GRAT信托中大约三分之二的财产给他们的子女。子女们在接下来的两年里,通过向父母支付年金的方式购买余下的三分之一。1997年11月22日,大功告成;特朗普子女们拥有了弗雷德·特朗普的几乎全部帝国,而不用付任何遗产税。

As for gift taxes, the Trumps found a way around those, too.

至于赠与税,特朗普家族也找到了避免的办法。

The entire transaction turned on one number: the market value of Fred Trump’s empire. This determined the amount of gift taxes Fred and Mary Trump owed for the portion of the empire they gave to their children. It also determined the amount of annuity payments their children owed for the rest.

整个交易取决于一个数字:弗雷德·特朗普帝国的市场价值。这个价值决定了弗雷德和玛丽·特朗普把房地产帝国的一部分给子女们所应付的赠与税,也决定了子女们拿到帝国其余部分需要支付给父母的年金金额。

The I.R.S. recognizes that GRATs create powerful incentives to greatly undervalue assets, especially when those assets are not publicly traded stocks with transparent prices. Indeed, every $10 million reduction in the valuation of Fred Trump’s empire would save the Trumps either $10 million in annuity payments or $5.5 million in gift taxes. This is why the I.R.S. requires families taking advantage of GRATs to submit independent appraisals and threatens penalties for those who lowball valuations.

国税局承认,GRAT为大幅低估资产价值制造了强大的动机,尤其是当资产不是公开交易的股票,没有透明的价格时。的确,弗雷德·特朗普帝国的价值每减少1000万美元,特朗普子女们就能少给父母1000万美元的年金,父母则可少缴550万美元的赠与税。正因如此,国税局要求想利用GRAT的家庭提交独立的资产评估,并威胁对低估价值的人予以惩罚。

In practice, though, gift tax returns get little scrutiny from the I.R.S. It is an open secret among tax practitioners that evasion of gift taxes is rampant and rarely prosecuted. Punishment, such as it is, usually consists of an auditor’s requiring a tax payment closer to what should have been paid in the first place. “GRATs are typically structured so that no tax is due, which means the I.R.S. has reduced incentive to audit them,” said Mitchell Gans, a professor of tax law at Hofstra University. “So if a gift is in fact undervalued, it may very well go unnoticed.”

但是,在实践中,赠与税的报税表很少受到国税局的严密审查。税务从业人员中一个公开的秘密是,逃避赠与税的做法相当猖獗,而且很少受到起诉。处罚虽说是有,但通常不过是审计师要求支付与原本应该支付的税款更接近的数目而已。“GRAT的典型结构是让所涉及者不需缴税,这意味着国税局缺少审计这种信托的积极性,”霍夫斯特拉大学(Hofstra University)税法教授米切尔·甘斯(Mitchell Gans)说。“因此,如果一笔赠与实际上被低估了的话,它可能非常容易不引起注意。”

This appears to be precisely what the Trumps were counting on. The Times found evidence that the Trumps dodged hundreds of millions of dollars in gift taxes by submitting tax returns that grossly undervalued the real estate assets they placed in Fred and Mary Trump’s GRATs.

这似乎正是特朗普家族确信会发生的。时报发现的证据表明,特朗普家族提交的纳税申报表,严重低估了转移到弗雷德和玛丽·特朗普的GRAT中的房地产资产的价值,从而逃避了数亿美元的赠与税。

According to Fred Trump’s 1995 gift tax return, obtained by The Times, the Trumps claimed that properties including 25 apartment complexes with 6,988 apartments — and twice the floor space of the Empire State Building — were worth just $41.4 million. The implausibility of this claim would be made plain in 2004, when banks put a valuation of nearly $900 million on that same real estate.

据时报获得的弗雷德·特朗普1995年提交的赠与税申报表显示,特朗普夫妇声称,他们的房地产包括25栋公寓大楼,总共有6988套公寓——相当于帝国大厦建筑面积的两倍,但这些财产的价值仅为4140万美元。2004年,他们的说法显然变得毫无道理,银行那年对同一批房地产的估价接近9亿美元。

The methods the Trumps used to pull off this incredible shrinking act were hatched in the strategy sessions Donald Trump participated in during the early 1990s, documents and interviews show. Their basic strategy had two components: Get what is widely known as a “friendly” appraisal of the empire’s worth, then drive that number even lower by changing the ownership structure to make the empire look less valuable to the I.R.S.

文件和采访显示,特朗普家族用来实现这种令人难以置信的财产缩水的方法,是在1990年代初唐纳德·特朗普参与的战略会议上酝酿出来的。他们的基本战略有两个组成部分:得到对房地产帝国价值的所谓“友好”估价,然后通过改变所有权结构把这个数字压得更低,从而使房地产帝国在国税局眼里不那么值钱。

A crucial step was finding a property appraiser attuned to their needs. As anyone who has ever bought or sold a home knows, appraisers can arrive at sharply different valuations depending on their methods and assumptions. And like stock analysts, property appraisers have been known to massage those methods and assumptions in ways that coincide with their clients’ interests.

关键的一步是找到一位熟悉他们需求的房地产估价师。任何曾经买卖过房子的人都知道,估价师的估价会因其方法和假设的不同而相差很大。与股票分析师一样,人们知道房地产估价师有时会用符合客户利益的方式来调整其使用的方法和假设。

The Trumps used Robert Von Ancken, a favorite of New York City’s big real estate families. Over a 45-year career, Mr. Von Ancken has appraised many of the city’s landmarks, including Rockefeller Center, the World Trade Center, the Chrysler Building and the Empire State Building. Donald Trump recruited him after Fred Trump Jr. died and the family needed friendly appraisals to help shield the estate from taxes.

特朗普家族找的是罗伯特·冯·安肯(Robert Von Ancken),他是纽约市大房地产家族最爱用的估价师。在45年的职业生涯中,冯·安肯评价过这座城市的许多标志性建筑,包括洛克菲勒中心(Rockefeller Center)、世界贸易中心(World Trade Center)、克莱斯勒大厦(Chrysler Building)和帝国大厦。小弗雷德·特朗普去世后,唐纳德·特朗普聘用了他,特朗普家族需要友好的估价,以保护遗产不受税收影响。

Mr. Von Ancken appraised the 25 apartment complexes and other properties in the Trumps’ GRATs and concluded that their total value was $93.9 million, tax records show.

据税务记录显示,冯·安肯对老特朗普夫妇的GRAT中的25栋公寓大楼和其他房产进行了评估,得出的结论是,这些房产的总价值为9390万美元。

To assess the accuracy of those valuations, The Times examined the prices paid for comparable apartment buildings that sold within a year of Mr. Von Ancken’s appraisals. A pattern quickly emerged. Again and again, buildings in the same neighborhood as Trump buildings sold for two to four times as much per square foot as Mr. Von Ancken’s appraisals, even when the buildings were decades older, had fewer amenities and smaller apartments, and were deemed less valuable by city property tax appraisers.

为了判别这些估值的准确性,时报查阅了冯·安肯给出这个估值前后一年的时间里出售的同类公寓大楼的价格。一种模式很快显示出来。在特朗普家族拥有的大楼所在的街区,每平方英尺的售价每每是冯·安肯估价的两到四倍,就连那些建筑年代更久、设施更少、公寓更小,而且被纽约市财产税估价师认为价值更低的大楼也是如此。

Mr. Von Ancken valued Argyle Hall, a six-story brick Trump building in Brooklyn, at $9.04 per square foot. Six blocks away, another six-story brick building, two decades older, had sold a few months earlier for nearly $30 per square foot. He valued Belcrest Hall, a Trump building in Queens, at $8.57 per square foot. A few blocks away, another six-story brick building, four decades older with apartments a third smaller, sold for $25.18 per square foot.

冯·安肯对特朗家族普位于布鲁克林的一栋六层砖砌建筑阿盖尔厅(Argyle Hall)的估价是每平方英尺9.04美元。在六个街区之外,有一栋六层砖砌建筑,年代比特朗普家族的建筑早20年,几个月前以每平方英尺近30美元的价格卖出。冯·安肯对特朗普家族位于皇后区的建筑贝尓科瑞斯特厅(Belcrest Hall)的估价为每平方英尺8.57美元。几个街区之外,另一栋六层砖砌建筑比特朗普家族的建筑老40年、其公寓比特朗普家族的公寓小三分之一,最后以每平方英尺25.18美元的价格卖出。

The pattern persisted with Fred Trump’s higher-end buildings. Mr. Von Ancken appraised Lawrence Towers, a Trump building in Brooklyn with spacious balcony apartments, at $24.54 per square foot. A few months earlier, an apartment building abutting car repair shops a mile away, with units 20 percent smaller, had sold for $48.23 per square foot.

这个模式也延续到弗雷德·特朗普更高端的建筑上。冯·安肯对劳伦斯大厦(Lawrence Towers)的估价为每平方英尺24.54美元,该大厦位于布鲁克林,其公寓有宽敞的阳台。在冯·安肯给出上述估价的几个月前,一英里外有一栋与汽车修理店相邻的公寓大楼,其公寓比劳伦斯大厦的公寓小20%,曾以每平方英尺48.23美元的价格卖出。

The Times found even starker discrepancies when comparing the GRAT appraisals against appraisals commissioned by the Trumps when they had an incentive to show the highest possible valuations.

时报把特朗普家族的GRAT中用的财产估价,与特朗普家族有意显示最高可能价值时让人做的估价相比较,结果发现了更加明显的不一致。

Such was the case with Patio Gardens, a complex of nearly 500 apartments in Brooklyn.

天井花园(Patio Gardens)就是这样一个例子,这是一处位于布鲁克林的建筑群,有近500个公寓。

Of all Fred Trump’s properties, Patio Gardens was one of the least profitable, which may be why he decided to use it as a tax deduction. In 1992, he donated Patio Gardens to the National Kidney Foundation of New York/New Jersey, one of the largest charitable donations he ever made. The greater the value of Patio Gardens, the bigger his deduction. The appraisal cited in Fred Trump’s 1992 tax return valued Patio Gardens at $34 million, or $61.90 a square foot.

在弗雷德·特朗普所有的房地产中,天井花园是最不赚钱的楼盘之一,这也许是他决定将其用来做税收减免的原因。1992年,他将天井花园捐赠给了国家肾脏基金会纽约/新泽西分会,这是他所做过的最大慈善捐赠之一。天井花园的估价越高,他可以减免的课税就越多。弗雷德·特朗普在1992年的报税表中对天井花园的估价是3400万美元,合每平方英尺61.90美元。

By contrast, Mr. Von Ancken’s GRAT appraisals found that the crown jewels of Fred Trump’s empire, Beach Haven and Shore Haven, with five times as many apartments as Patio Gardens, were together worth just $23 million, or $11.01 per square foot.

相比冯·安肯为GRAT做的估价,把弗雷德·特朗普帝国的皇冠瑰宝“海滩海湾公寓”和“海岸海湾公寓”加在一起的价值定为区区2300万美元,合每平方英尺11.01美元,这两处房地产的公寓数量是天井花园的五倍。

In an interview, Mr. Von Ancken said that because neither he nor The Times had the working papers that described how he arrived at his valuations, there was simply no way to evaluate the methodologies behind his numbers. “There would be explanations within the appraisals to justify all the values,” he said, adding, “Basically, when we prepare these things, we feel that these are going to be presented to the Internal Revenue Service for their review, and they better be right.”

在一次采访中,冯·安肯说,因为他和时报手中都没有那些描述他是如何做出估值的工作文本,所以根本无法评判他得出那些数字所用的方法。“在估价材料中会有解释来说明所有估价的正当性,”他说,并补充说,“基本上,当我们准备这些东西时,我们觉得这些东西会提交给美国国税局审阅,所以它们应该是正确的。”

Of all the GRAT appraisals Mr. Von Ancken did for the Trumps, the most startling was for 886 rental apartments in two buildings at Trump Village, a complex in Coney Island. Mr. Von Ancken claimed that they were worth less than nothing — negative $5.9 million, to be exact. These were the same 886 units that city tax assessors valued that same year at $38.1 million, and that a bank would value at $106.6 million in 2004.

在冯·安肯为特朗普夫妇做的所有GRAT估价中,最让人震惊的的是他对位于科尼岛的特朗普村(Trump Village)有886套出租公寓的两栋大楼的估值。冯·安肯声称它们的价值比零还低——确切地说,是负590万美元。同一年,同样是这886套公寓,市税务评估人员对其估价是3810万美元,而一家银行在2004年对其估价是1.066亿美元。

It appears Mr. Von Ancken arrived at his negative valuation by departing from the methodology that he has repeatedly testified is most appropriate for properties like Trump Village, where past years’ profits are a poor gauge of future value.

冯·安肯曾反复作证说,他使用了最适宜的方法,来为特朗普村这种过去几年的利润不能很好衡量未来价值的房产估值,他得出的负价值结论显然偏离了自己的这种说法。

In 1992, the Trumps had removed the two Trump Village buildings from an affordable housing program so they could raise rents and increase their profits. But doing so cost them a property tax exemption, which temporarily put the buildings in the red. The methodology described by Mr. Von Ancken would have disregarded this blip into the red and valued the buildings based on the higher rents the Trumps would be charging. Mr. Von Ancken, however, appears to have based his valuation on the blip, producing an appraisal that, taken at face value, meant Fred Trump would have had to pay someone millions of dollars to take the property off his hands.

1992年,特朗普家族将特朗普村的两栋楼从一个经济适用房项目中抽了出来,这样他们就可以提高租金,增加它们产生的利润。但这样做也让特朗普家人失去了一项房产税减免,使得这些建筑短暂处于亏损状态。冯·安肯所描述的方法本该忽略这个暂时的亏损,并根据特朗普家族未来能收取到的更高租金来评估这些建筑的价值。然而,冯·安肯看来用了这个短暂的亏损来得出自己的估价,他给出的估价从表面上看意味着,弗雷德·特朗普需要向他人支付数百万美元,才能甩掉这处房产。

Mr. Von Ancken told The Times that he did not recall which appraisal method he used on the two Trump Village buildings. “I can only say that we value the properties based on market information, and based on the expected income and expenses of the building and what they would sell for,” he said. As for the enormous gaps between his valuation and the 1995 city property tax appraisal and the 2004 bank valuation, he argued that such comparisons were pointless. “I can’t say what happened afterwards,” he said. “Maybe they increased the income tremendously.”

冯·安肯对时报说,他不记得他对特朗普村的两栋建筑用了哪种评估方法。“我只能说,我们是基于市场信息、基于建筑的预期收入和支出,以及它们的可能售价来评估这些房产的,”他说。至于他的估价与1995年的市财产税估价和2004年的银行估价之间的巨大差距问题,他辩称,这种比较毫无意义。“我不能说后来发生的事情,”他说。“也许他们极大地增加了收入。”

THE MINORITY OWNER

少数股权持有人

To further whittle the empire’s valuation, the family created the appearance that Fred Trump held only 49.8 percent.

为进一步降低这一商业帝国的估值,这个家族制造了弗雷德·特朗普仅持有其中49.8%的表象。

Armed with Mr. Von Ancken’s $93.9 million appraisal, the Trumps focused on slashing even this valuation by changing the ownership structure of Fred Trump’s empire.

有了冯·安肯作出的9390万美元估值,特朗普家族又一心通过更改弗雷德·特朗普商业帝国的持有人结构,再度削减这个估值。

The I.R.S. has long accepted the idea that ownership with control is more valuable than ownership without control. Someone with a controlling interest in a building can decide if and when the building is sold, how it is marketed and what price to accept. However, since someone who owns, say, 10 percent of a $100 million building lacks control over any of those decisions, the I.R.S. will let him claim that his stake should be taxed as if it were worth only $7 million or $8 million.

国税局素来接受一个观点,即控股所有权比非控股所有权更有价值。某人对一幢楼拥有控股权益就能决定这幢楼是否出售、何时出售、怎样营销、什么价格可以接受。然而假设某人持有价值1亿美元大楼的10%股权,对上述决定没什么控制权,那么国税局会允许他申请对所持股份仅按700万或800万美元的价值征税。

But Fred Trump had exercised total control over his empire for more than seven decades. With rare exceptions, he owned 100 percent of his buildings. So the Trumps set out to create the fiction that Fred Trump was a minority owner. All it took was splitting the ownership structure of his empire. Fred and Mary Trump each ended up with 49.8 percent of the corporate entities that owned his buildings. The other 0.4 percent was split among their four children.

但弗雷德·特朗普在七十多年里对他的帝国行使全面控制。除了极少例外,他百分之百地持有名下物业。于是特朗普家族动手制造假象,表明弗雷德·特朗普是少数股份持有人。方法无非是分拆他商业帝国的所有人结构。最后,对拥有他房产的那些公司实体,弗雷德和玛丽·特朗普夫妇各持49.8%的股份。剩下的0.4%由四个子女分别持有。

Splitting ownership into minority interests is a widely used method of tax avoidance. There is one circumstance, however, where it has at times been found to be illegal. It involves what is known in tax law as the step transaction doctrine — where it can be shown that the corporate restructuring was part of a rapid sequence of seemingly separate maneuvers actually conceived and executed to dodge taxes. A key issue, according to tax experts, is timing — in the Trumps’ case, whether they split up Fred Trump’s empire just before they set up the GRATs.

把所有权分拆为少数股份权益是一种广泛运用的避税手段。不过有一种情况,有时会让这个手段变为非法。它涉及税法中所称的步骤交易原则——为避税目的而构思并执行的一系列看似不相干的快速操作,公司重组是其中的一部分。税务专家介绍,这种情况里的关键问题是时机——就特朗普家族的案例来说,就在于他们是否恰好在成立GRAT之前分拆了弗雷德·特朗普的帝国。

In all, the Trumps broke up 12 corporate entities to create the appearance of minority ownership. The Times could not determine when five of the 12 companies were divided. But records reveal that the other seven were split up just before the GRATs were established.

特朗普家族一共分拆了12家公司实体来造成少数股份持有的表象。《纽约时报》未能确认其中五家是何时分拆。但记录显示,另外七家公司恰好在成立GRAT之前分拆。

The pattern was clear. For decades, the companies had been owned solely by Fred Trump, each operating a different apartment complex or shopping center. In September 1995, the Trumps formed seven new limited liability companies. Between Oct. 31 and Nov. 8, they transferred the deeds to the seven properties into their respective L.L.C.’s. On Nov. 21, they recorded six of the deed transfers in public property records. (The seventh was recorded on Nov. 24.) And on Nov. 22, 49.8 percent of the shares in these seven L.L.C.’s was transferred into Fred Trump’s GRAT and 49.8 percent into Mary Trump’s GRAT.

操作模式很清晰。几十年来,这些公司都由弗雷德·特朗普独自拥有,每家公司经营一处公寓楼或购物中心。在1995年9月,特朗普家族成立了七家新的有限责任公司。10月31日至11月8日,他们把七处物业的房契过户到相应的七家有限责任公司。11月21日,他们把其中六起房契过户录入了公开产权记录。(第七份房契的过户在11月24日录入。)在11月22日,这七家有限责任公司49.8%的股份转入了弗雷德·特朗普的GRAT,49.8%的股份转入了玛丽·特朗普的GRAT。

That enabled the Trumps to slash Mr. Von Ancken’s valuation in a way that was legally dubious. They claimed that Fred and Mary Trump’s status as minority owners, plus the fact that a building couldn’t be sold as easily as a share of stock, entitled them to lop 45 percent off Mr. Von Ancken’s $93.9 million valuation. This claim, combined with $18.3 million more in standard deductions, completed the alchemy of turning real estate that would soon be valued at nearly $900 million into $41.4 million.

这使得特朗普家族用法律上可疑的做法,削减了冯·安肯作出的资产估值。他们声称弗雷德和玛丽·特朗普只是少数股权持有人,再加上房产不能像股份那样轻易出售这个事实,使他们把冯·安肯的9390万美元估值又砍掉了45%。这一主张外加超过1830万美元的标准扣除额,神奇地把不久后即将价值近9亿美元的房产变成4140万美元估值。

According to tax experts, claiming a 45 percent discount was questionable even back then, and far higher than the 20 to 30 percent discount the I.R.S. would allow today.

税务专家称,即使在当年,要求45%的应税额折扣也是存疑的,这也比现在国税局能够容许的20-30%的折扣高多了。

As it happened, the Trumps’ GRATs did not completely elude I.R.S. scrutiny. Documents obtained by The Times reveal that the I.R.S. audited Fred Trump’s 1995 gift tax return and concluded that Fred Trump and his wife had significantly undervalued the assets being transferred through their GRATs.

事实上,特朗普家族的GRAT也未能完全躲过国税局的审查。时报获得的文件显示,国税局审计了弗雷德·特朗普1995年的赠与税申报表,得出的结论是弗雷德·特朗普及其妻子严重估低了通过他们的GRAT转移的财产。

The I.R.S. determined that the Trumps’ assets were worth $57.1 million, 38 percent more than the couple had claimed. From the perspective of an I.R.S. auditor, pulling in nearly $5 million in additional revenue could be considered a good day’s work. For the Trumps, getting the I.R.S. to agree that Fred Trump’s properties were worth only $57.1 million was a triumph.

国税局判定,特朗普夫妇的财产价值5710万美元,比他们申报的高出38%。从国税局审计员的角度看,获得近500万美元的额外收入算得上收成不错的一天。而从特朗普家族的角度,让国税局承认弗雷德·特朗普的物业只值5710万美元则是重大胜利。

“All estate matters were handled by licensed attorneys, licensed C.P.A.s and licensed real estate appraisers who followed all laws and rules strictly,” Mr. Harder, the president’s lawyer, said in his statement.

“一切房地产事务均由严格遵守法律法规的持证律师、持证注册会计师和持证房地产估价师办理,“总统的律师哈德在其声明中说。

In the end, the transfer of the Trump empire cost Fred and Mary Trump $20.5 million in gift taxes and their children $21 million in annuity payments. That is hundreds of millions of dollars less than they would have paid based on the empire’s market value, The Times found.

最终,特朗普商业帝国的移交使弗雷德和玛丽·特朗普付出2050万美元的赠与税,他们的子女付出2100万美元年金收入所得税。时报发现,这比依其市值他们应缴的税款少了几亿美元。

Better still for the Trump children, they did not have to pay out a penny of their own. They simply used their father’s empire as collateral to secure a line of credit from M&T Bank. They used the line of credit to make the $21 million in annuity payments, then used the revenue from their father’s empire to repay the money they had borrowed.

对弗雷德·特朗普的子女而言,更妙的是,他们自己一分钱都不用掏。他们直接以父亲的资产做抵押,从M&T银行获得信贷额度。他们用这一信贷额度支付了2100万美元的年金收益所得税,然后再用父亲产业的收入还上他们借的钱。

On the day the Trump children finally took ownership of Fred Trump’s empire, Donald Trump’s net worth instantly increased by many tens of millions of dollars. And from then on, the profits from his father’s empire would flow directly to him and his siblings. The next year, 1998, Donald Trump’s share amounted to today’s equivalent of $9.6 million, The Times found.

到子女们最终拥有了弗雷德·特朗普商业帝国的那天,唐纳德·特朗普的净资产立刻增长了数千万美元。而且从那时起,父亲产业所获的利润就直接流向他和兄弟姐妹。时报发现,第二年,即1998年,唐纳德·特朗普从中的分成已相当于今天的960万美元。

This sudden influx of wealth came only weeks after he had published “The Art of the Comeback.”

这笔突如其来的财富,是他在出版了《东山再起》(The Art of the Comeback)一书仅数周之后收到的。

“I learned a lot about myself during these hard times,” he wrote. “I learned about handling pressure. I was able to home in, buckle down, get back to the basics, and make things work. I worked much harder, I focused, and I got myself out of a box.”

“在这些艰难时日,我对自己了解了很多,”他写道。“我学会了应对压力。我能够全神贯注、放开手脚,做回最基本的业务,让事情行之有效。我工作得更刻苦了,我很专注,我把自己从条条框框里解放了出来。”

Over 244 pages he did not mention that he was being handed nearly 25 percent of his father’s empire.

全书244页里,他没提过自己正要得到父亲商业帝国的近四分之一。

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