A major way that losses are generated in real estate ventures is through depreciation, which is supposed to reflect the way that assets lose value over time. But a well-maintained building typically gains value.
Cadillacs have been used by every president since Woodrow Wilson.
Most European countries fund their low corporate taxes with some form of a value-added tax, on consumption rather than income.
Like or loathe Donald J. Trump, you have to give him this: He's done more to shine a spotlight on the loopholes and fundamental unfairness of the tax code than any other American president.
From what little is known of Mr. Trump's tax returns, he used losses to offset virtually all of his taxable income for years by generating something called net operating loss carry-overs.
The A.M.T. is much reviled by tax experts across the political spectrum for its unintended consequences and fiendish complexity.
