Skip to Main Content

CBS News Quotes Beth Kaufman on Potential Revelations in President Trump's Tax Return

November 9, 2018, CBS News' MoneyWatch

When it comes to President Donald Trump and taxpayers at his rarified income level, a tax return can deliver plenty of personal information but still lack some of the most tantalizing stuff -- their total net worth, for instance, or what real estate they own.

. . .

Gifts—not to charity

Gift taxes, one line of inquiry used in The New York Times' recent investigation of Fred Trump's real estate empire, could be similarly fruitful for his son. Gift tax returns could, for instance, show whether Mr. Trump has given away any assets and whether he has placed any into trusts, said Beth Kaufman, an attorney at Caplin & Drysdale.

The IRS requires people to report gifts anytime they give away cash or goods valued at more than $15,000, and report it on a completely separate form from the 1040. The gift tax return is obscure enough that it's only a concern for the wealthy.

"Your run-of-the mill person never files one in their entire life; your millionaire or billionaire files one every year," Kaufman said.

. . .


"They're going to have to dig down into returns filed by LLCs, partnership returns. Almost none of that is copied on [Mr.] Trump's returns," Kaufman said. "I think there are going to be waves of requests to get into this."

For the full article, please visit CBS Newswebsite.

Excerpt taken from the article “What American Can and Can’t Learn From Trump’s Tax Returns” by Irina Ivanova for CBS News’ MoneyWatch.


About Caplin & Drysdale
Celebrating our 55th Anniversary in 2019, Caplin & Drysdale continues to be a leading provider of legal services to corporations, individuals, and nonprofits throughout the United States and around the world. We are also privileged to serve as legal advisors to accounting firms, financial institutions, law firms, and other professional services organizations.

The firm's reputation over the years has earned us the trust and respect of clients, industry peers, and government agencies. Moreover, clients rely on our broad knowledge of the law and our keen insights into their business concerns and personal interests. Our lawyers' strong tactical and problem-solving skills -- combined with substantial experience handling a variety of complex, high stakes, matters in a boutique environment -- make us one the nation's most distinctive law firms.

With offices in New York City and Washington, D.C., Caplin & Drysdale's core practice areas include:
For more information, please visit us at
Washington, DC Office:
One Thomas Circle NW
Suite 1100
Washington, DC 20005
New York, NY Office:
295 Madison Avenue
12th Floor
New York, NY 10017


This communication does not provide legal advice, nor does it create an attorney-client relationship with you or any other reader. If you require legal guidance in any specific situation, you should engage a qualified lawyer for that purpose. Prior results do not guarantee a similar outcome.

Attorney Advertising
It is possible that under the laws, rules, or regulations of certain jurisdictions, this may be construed as an advertisement or solicitation.
©2022 Caplin & Drysdale, Chartered
All Rights Reserved.

Related Professionals

Related Practice Area(s)