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Detailed text transcripts for TV channel - MSNBC - 20161006:07:20:00

but there was this tax loophole. when you re like trump and you own this business and it goes bust and you lose money and the people who loaned you money also lose lots of money, normally those losses are split. the banks dot get paid back, they take part of the loss and yotake part. the part that is really yours, you get to write that off your taxes. but there was an error in the way a specific kind of business form was taxed that basically allowed if there was a loss where trump was out 100 million and the banks were out 800 million, he could have written off the entire 900 million off his taxes even though he really only lost 100 million. this is great. i love this. he could write off the bank s loss essentially on the loan. yeah. it was just a mistake in the tax code. it was a mistake in the tax code. as people started filing their taxes using this provision, the irs looked at this and said, this isn t right. there were years of litigation in the tax courts and it got to th

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