Analysis: Trump’s complex web of business interests, visualized
Trump Tower in New York on June 1, 2017. By Philip Bump Philip Bump National correspondent focused largely on the numbers behind politics Email Bio Follow May 21 at 12:39 PM In August 2016, as the general election approached, then-candidate Donald Trump was pressed on his failure to release his tax returns in an interview with The Washington Post.
Last week, Trump released the latest iteration of his financial disclosure, documents that do indeed provide at least some overview of his business interests. The document is broken out into several sections. One details his employment assets and income, which, for Trump, includes income from his resorts, rent and sales income from his real estate, royalties from books and income he receives from his past appearances in movies and on television. Another section outlines the first lady’s income.
As it turns out, most of the entities in the document flow back up to another entity listed in the document. That makes sense; after all, we’re talking about Trump’s business empire. Most of it flows up eventually to the Donald J. Trump Revocable Trust, the entity created by the president after he won the presidency to remove him from the Trump Organization structure.
At the bottom are a cluster of entities which are mostly used to manage various trademarks. There, again, there are two anchor entities: DTTM Operations LLC and DTTM Operations Managing Member Corp. So why structure things this way? Steven Goldburd, managing partner at the tax law firm of Goldburd McCone, explained in a phone call with The Post.
For what it’s worth, the identified “managing member” is generally the one that is responsible for filing tax returns for the corporation, Goldburd explained. “If it was a human being,” he added, “that would be the company to direct the lower tier, the actual entity, of what it’s to do. The boss.” Mar-a-Lago is still a partnership, but in this case the trust owns most of it directly. Only one one-hundredth of a percent is owned by Mar-a-Lago Club Inc, one of the club’s two partners.
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