Trump Presidency

[NorthDakota]

That's not what anyone is saying. I'm 99% sure at this point that no one commenting here actually read the article.

Everyone knows Amazon isn't "broke" while paying no taxes, etc. No one is saying he's broke because he pays no taxes.

People are saying he's broke because of the liabilities, losses, and dried up revenue streams he is reporting in his documents. If he's not broke, then he fraudulent reporting his financial situation. It's one or the other. He has hundreds of millions of dollars of loans coming due with no way to pay them... per what he filed... except to start selling off assets. It's really that straightforward. Either he is lying on his taxes or he is broke.



He's currently being investigated for fraud in New York. People realize that, right? It hasn't moved forward specifically because he's President and been putting up roadblocks. His son has to testify by the first week in October and it's the first crack the AG there has been able to get.

I don't know why anyone would assume that Trump with his history would be "clean." The Trump Foundation was found guilty of fraud and misappropriating funds and ordered to shut down. Trump University paid $25 million in a fraud settlement and shut down. Now we have people who have seen documents he refused to release (first President since Nixon to do that!) and point out lots of other irregularities... why would the assumption be that he's clean and not guilty like he has been in the past?

New York investigating him isn't particularly shocking to people generally, most folks probably assume it is a partisan deal and in many ways, they are probably right. Its not an outlandish idea that had Trump not run for President, he wouldn't be under investigation by New York.

In other words, I suspect the only people who really care about what New York is doing are the sorts that were not going to be voting for Donald anyway.

I'll leave it at this, our more liberal leaning media and posters on this board have pretty substantial track records of taking some big headlines and implying "WE FINALLY GOT HIM" only for it to be fairly small potatoes or nothing at all.

I dont think too many would be surprised to find out Donald has taken some pretty aggressive stances on his tax liabilities in the past and doesn't have as much wealth as he likes to imply he has.

If I've learned anything in Corporations class and my Federal Income Tax class so far, it is that these situations are probably pretty complicated and its very difficult to take the NYT very seriously on it particularly because an election is in a month.

 

[PraetorianND]

Except I didn't do that. This is why this entire discussion with you is a joke. You clearly didn't read the article. Or what I posted.

So what are you saying? That he hasn’t committed any crimes and is super good at tax planning? If he hasn’t committed any crimes what are you so upset about?

Either he is lying on his taxes or he is broke.

I don't know why anyone would assume that Trump with his history would be "clean."

It really seems like you think he’s guilty of something....

 

[IrishLax]

New York investigating him isn't particularly shocking to people generally, most folks probably assume it is a partisan deal and in many ways, they are probably right. Its not an outlandish idea that had Trump not run for President, he wouldn't be under investigation by New York.

The counterpoint here is that he's had other run ins with New York that predate ever getting involved in politics.

In other words, I suspect the only people who really care about what New York is doing are the sorts that were not going to be voting for Donald anyway.

I'll leave it at this, our more liberal leaning media and posters on this board have pretty substantial track records of taking some big headlines and implying "WE FINALLY GOT HIM" only for it to be fairly small potatoes or nothing at all.

I dont think too many would be surprised to find out Donald has taken some pretty aggressive stances on his tax liabilities in the past and doesn't have as much wealth as he likes to imply he has.

If I've learned anything in Corporations class and my Federal Income Tax class so far, it is that these situations are probably pretty complicated and its very difficult to take the NYT very seriously on it particularly because an election is in a month.

Which is all fair. At the same time, I don't know why people are pretending this is a smoking gun "we got 'em" article by the New York Times. They don't bill it as that.

And the article itself reads as in depth reporting of the facts with them being very even handed. For example, they explicitly list that while he has more financial foreign entanglements than previously known that none are new ones with Russia.

 

[IrishLax]

So what are you saying? That he hasn’t committed any crimes and is super good at tax planning? If he hasn’t committed any crimes what are you so upset about?

It really seems like you think he’s guilty of something....

Cool, so no where did I say that any of this was proof that he was guilty of a crime. I said that there were two viable explanations for the documents in NYT reporting. One is that he legitimately has the liabilities and other issues he documented, and the other is that he's falsifying them. What is complicated?

And the second snip, which you intentionally take out of context, was actually about how fun with numbers shouldn't be ruled out as one of the two alternatives, not that there was "proof" or even that it should be assumed that he's guilty.

Also... the post you try to cherry pick was made after you first claimed the nonsense of "proof of guilt". Do you time travel? If not, why would you even try to quote that one?

It's pretty clear now that this is either bad faith posting, or a startling lack of reading comprehension. Regardless, I'm done.

 

[PraetorianND]

Cool, so no where did I say that any of this was proof that he was guilty of a crime. I said that there were two viable explanations for the documents in NYT reporting. One is that he legitimately has the liabilities and other issues he documented, and the other is that he's falsifying them. What is complicated?

And the second snip, which you intentionally take out of context, was actually about how fun with numbers shouldn't be ruled out as one of the two alternatives, not that there was "proof" or even that it should be assumed that he's guilty.

Also... the post you try to cherry pick was made after you first claimed the nonsense of "proof of guilt". Do you time travel? If not, why would you even try to quote that one?

It's pretty clear now that this is either bad faith posting, or a startling lack of reading comprehension. Regardless, I'm done.

So you’re saying he’s lying or committing fraud? You also said this.... So no time travel necessary for me.

"Billionaire" Donald Trump who was "self funding his campaign" (re: actually begging people for money) is actually broke and/or cheating on his taxes. Yikes.

I mean... Or, he’s really good at optimizing tax strategy and isn’t declaring tons of income? Why isn’t that possible?

Also, why are you so angry? It’s shocking how pissed you’re getting. If the dude hasn’t committed fraud (a crime), which you have suggested multiple times, it sounds like your issue is actually with tax law, not Trump. Which, I’ve already mentioned in response to Toronto’s post (another tax expert), is a reasonable view.

 

[Legacy]

Solid apologia, weird it took you 4 tries to get here. Nobody is "outraged" we are just laughing at Trump per usual.

Btw there was a lot more in that reporting, which you conveniently ignore:<blockquote class="twitter-tweet"><p lang="en" dir="ltr">“The records go much further to revealing the conflicts created by Trump’s refusal to divest his business interests while in the WH. His properties have become bazaars for collecting money directly from lobbyists, foreign officials and others seeking face time, access or favor.”</p>— John Harwood (@JohnJHarwood) <a href="https://twitter.com/JohnJHarwood/status/1310332089200508928?ref_src=twsrc%5Etfw">September 27, 2020</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

Meanwhile his son has to testify in a fraud investigation against Trump in New York within the next two weeks after his repeated attempts to delay it finally ran out. And his tax records show that he paid Ivanka as a consultant even though she is a member of the company which is against IRS rules.

Drain the swamp, indeed.

I'm sure your response will be some screed about Hunter Biden or the Clinton foundation so don't waste your breath.

I have no idea why anyone would lend this guy money. No one in the U.S. financial system would. Someone who is President with these many money-losing businesses, loans coming due, and minimal sources of profitable income is potentially a risk or at least vulnerable to manipulation.

Some of the NYT reporting:

- he made $427 million from the Apprentice through 2018

- in 2018 his revenue was $434.9 million but he reported $47.4 million in losses on his tax records

- previous NYT reporting showed that he declared $915 million in losses in 1995 alone

- since 2000, Trump has reported losses of $315.6 million at the golf courses alone

- the three European golf courses, the Washington hotel, Doral and Trump Corporation reported losing a total of $150.3 million from 2010 through 2018,

- the tax records for Trump's Washington hotel , acquired in 2016, show losses through 2018 of $55.5 million.

- Trump Corporation, a real estate services company, has reported losing $134 million since 2000. His three children draw salaries of $2 million each annually.

- Mr. Trump tax returns reveal that he has failed to pay back far more money than previously known: a total of $287 million since 2010. With that history, no one except Deutsche would lend him money

- taxable income in 2016 and 2017 included $56.4 million for the loans he did not repay.

- in his battle with the IRS, confidential records show that starting in 2010 he claimed, and received, an income tax refund totaling $72.9 million — all the federal income tax he had paid for 2005 through 2008, plus interest. The legitimacy of that refund is at the center of the audit battle with the I.R.S. If he loses this, estimates are that he would owe the IRS over $100 million

- he has personal responsibility for loans totaling $421 million in debt, coming due within four years. The businesses carrying the bulk of the debt — the Doral golf resort ($125 million) and the Washington hotel ($160 million) are money-losers. The lender may have to foreclose since no one would want to refinance.

Trump, in November 2008, had difficulty making payments on the $640 million Deutsche Bank loan. Trump famously sued Deutshe bank for $3 billion, alleging it was partially responsible for the global financial crisis and, by extension, Trump’s inability to repay the loan.

Mar-a-Lago and licensing seem to be the only profitable businesses. He has income from licensing deals with some with authoritarian-leaning leaders — for example, $3 million from the Philippines and $1 million from Turkey. Without the political and business meetings at Mar-a-Lago that have harvested profits for the unprofitable Trump Organization, that may also be a money-loser.

The pandemic has hit the hotel industry which is not expected to recover until 2023.

Trump told Norah O’Donnell in an interview for “CBS This Morning” in 2016:

“I’m the king of debt. I’m great with debt. Nobody knows debt better than me. I’ve made a fortune by using debt, and if things don’t work out I renegotiate the debt. I mean, that’s a smart thing, not a stupid thing.”

Or declare bankruptcy six times.

 

[Irish#1]

That's not what anyone is saying. I'm 99% sure at this point that no one commenting here actually read the article.

Everyone knows Amazon isn't "broke" while paying no taxes, etc. No one is saying he's broke because he pays no taxes.

People are saying he's broke because of the liabilities, losses, and dried up revenue streams he is reporting in his documents. If he's not broke, then he fraudulent reporting his financial situation. It's one or the other. He has hundreds of millions of dollars of loans coming due with no way to pay them... per what he filed... except to start selling off assets. It's really that straightforward. Either he is lying on his taxes or he is broke.



He's currently being investigated for fraud in New York. People realize that, right? It hasn't moved forward specifically because he's President and been putting up roadblocks. His son has to testify by the first week in October and it's the first crack the AG there has been able to get.

I don't know why anyone would assume that Trump with his history would be "clean." The Trump Foundation was found guilty of fraud and misappropriating funds and ordered to shut down. Trump University paid $25 million in a fraud settlement and shut down. Now we have people who have seen documents he refused to release (first President since Nixon to do that!) and point out lots of other irregularities... why would the assumption be that he's clean and not guilty like he has been in the past?

I've never cared whether any other president has provided their tax statements, but what if he does? What is accomplished if we find out his wealth is next to nothing? I really don't know if he is a tax cheat or not, but I bet he's not the first to have his tax people do some creative accounting. If he's found out he needs to pay more tax, great. Put a lien on something until it's paid. The IRS already know what his returns show.

The bottom line is if he shows his taxes, the haters are going to be screaming "foul ball" regardless of what his returns show.

 

[NEIIrish]

When in doubt, just call everything "fake news."

Trump could put all this to bed by releasing his tax returns... something that every Presidential candidate since Nixon has done... but he won't. And hey, now we know why he won't.

I didnt say it was fake news. I said they need to release the documents that they used to write the report if they have them, otherwise im holding out judgement. Your follow up posts in this thread show that you are uncapable of reasoning and are unhinged with hatred for the president so ill refrain from commenting with you on trump stuff going forward. Have fun.

 

[Irish#1]

From cnn.com

It leaves the President facing multiple questions about his morals, behavior — and patriotism since he appears to be paying more in taxes to several foreign nations than he is to Uncle Sam. The reporting also raises the possibility that Trump's deceptive accounting, already the focus of several investigations in New York, could open him up to serious legal issues when he leaves office.

The Times report, for instance, says that the President has been battling the Internal Revenue Service for years over whether losses he claimed should have resulted in a staggering tax refund of $73 million.

You pay more taxes to a foreign country and you're unpatriotic? lol

Also wrote off $75K for haircuts. Creative, but not sure how you can justify that.

 

[IrishLax]

So you’re saying he’s lying or committing fraud?

For literally the 5th time, I'm saying he's either broke or cheating on his taxes. It's right there in what you're quoting. So if you don't think he's cheating on his taxes and is accurately reporting his liabilities and losses, then he is crazy in debt with no revenue to repay the hundreds of millions of dollars he owes.

 

[TorontoGold]

I didnt say it was fake news. I said they need to release the documents that they used to write the report if they have them, otherwise im holding out judgement. Your follow up posts in this thread show that you are uncapable of reasoning and are unhinged with hatred for the president so ill refrain from commenting with you on trump stuff going forward. Have fun.

But, you'll believe that's he's incredibly rich? Because he told you? Wild logic.

 

[IrishLax]

I didnt say it was fake news. I said they need to release the documents that they used to write the report if they have them, otherwise im holding out judgement. Your follow up posts in this thread show that you are uncapable of reasoning and are unhinged with hatred for the president so ill refrain from commenting with you on trump stuff going forward. Have fun.

What you actually said was:

you are completely trusting a source that has been hell bent on destroying him for years. Take a step back and think about that. It’s not hard to do unless you are completely unhinged.

Sorry, this thread isn't a Trump safe space anymore. Go to r/Trump.

 

[IrishLax]

But, you'll believe that's he's incredibly rich? Because he told you? Wild logic.

Trump is one of the least trustworthy people alive with a documented history of lies, contradictions, and fraud. The reason they continue to trust Trump is because they want to trust him. They'll find any excuse to justify what he does or what he says. It's all about sticking it to the Left through any means necessary.

 

[IrishLax]

I have no idea why anyone would lend this guy money. No one in the U.S. financial system would. Someone who is President with these many money-losing businesses, loans coming due, and minimal sources of profitable income is potentially a risk or at least vulnerable to manipulation.

Some of the NYT reporting:

- he made $427 million from the Apprentice through 2018

- in 2018 his revenue was $434.9 million but he reported $47.4 million in losses on his tax records

- previous NYT reporting showed that he declared $915 million in losses in 1995 alone

- since 2000, Trump has reported losses of $315.6 million at the golf courses alone

- the three European golf courses, the Washington hotel, Doral and Trump Corporation reported losing a total of $150.3 million from 2010 through 2018,

- the tax records for Trump's Washington hotel , acquired in 2016, show losses through 2018 of $55.5 million.

- Trump Corporation, a real estate services company, has reported losing $134 million since 2000. His three children draw salaries of $2 million each annually.

- Mr. Trump tax returns reveal that he has failed to pay back far more money than previously known: a total of $287 million since 2010. With that history, no one except Deutsche would lend him money

- taxable income in 2016 and 2017 included $56.4 million for the loans he did not repay.

- in his battle with the IRS, confidential records show that starting in 2010 he claimed, and received, an income tax refund totaling $72.9 million — all the federal income tax he had paid for 2005 through 2008, plus interest. The legitimacy of that refund is at the center of the audit battle with the I.R.S. If he loses this, estimates are that he would owe the IRS over $100 million

- he has personal responsibility for loans totaling $421 million in debt, coming due within four years. The businesses carrying the bulk of the debt — the Doral golf resort ($125 million) and the Washington hotel ($160 million) are money-losers. The lender may have to foreclose since no one would want to refinance.

Trump, in November 2008, had difficulty making payments on the $640 million Deutsche Bank loan. Trump famously sued Deutshe bank for $3 billion, alleging it was partially responsible for the global financial crisis and, by extension, Trump’s inability to repay the loan.

Mar-a-Lago and licensing seem to be the only profitable businesses. He has income from licensing deals with some with authoritarian-leaning leaders — for example, $3 million from the Philippines and $1 million from Turkey. Without the political and business meetings at Mar-a-Lago that have harvested profits for the unprofitable Trump Organization, that may also be a money-loser.

The pandemic has hit the hotel industry which is not expected to recover until 2023.

Trump told Norah O’Donnell in an interview for “CBS This Morning” in 2016:

Or declare bankruptcy six times.

The two bolded are the big questions in addition to Ivanka getting paid what she did as a consultant. All of them are potentially problematic. The IRS battle isn't a good one for him, as he clearly doesn't have $100 mil cash on hand based on the rest of his filings. Licensing to deals to Turkey... where then randomly green lights them to slaughter our Kurdish? Maybe unrelated, maybe not but it's hard not to see conflicts of interest everywhere with his foreign entanglements and the fact that he didn't divest.

Funniest part to me: I remember back when Republicans used to mock John Edwards for $400 haircuts. Hannity used to do whole segments on him being an out of touch liberal. How much you want to bet that Hannity doesn't say a peep about Trump's $70k?

 

[drayer54]

Saw the stuff on Trump taxes.

Didn't see the bombshell. Went to the tweeter of two really good tax law professors and read their analysis that it was a snoozer. Validated suspicions.

Still voting Trump.

If you've felt the walls were closing in for four years and this is one more hot take then.... let's just move on.

 

[Irish YJ]

The takeaways from all of this for me is - 1) There has to be some tax changes, if a guy like DJT is paying 750 bucks, that equates to virtually no AMT over that time period. 2) Maybe he isn't as rich as he says he is. If DJT wants to really pull a fast one on people release the auditted statements for the Trump entities. Show everyone that you're a billionaire. Audited statements from a big 4 firm would be rock solid.

If this outrages you, Amazon had 11 Billion in income, and paid zero federal taxes.

Not directing this at you, but just to the overall outrage from some folks - why should I be outraged by Trump when everyone gives Amazon a pass? I'm not tax expert, but I've read enough to know rich people, rich corps, etc. all do this. Personally, I'd prefer a flat or fair tax for all people and corps, and killing all the loopholes. But that my friend is something almost no politician wants. It's certainly is not supported by all the liberal big corps that virtue signal.

The New York Times and media will run with it...but he told the world in 2016 that he didnt pay much income tax.

Hillary straight up brought it up in a debate and his response was, "that makes me smart."

Yup. I expect him to do what others are obviously doing. He, in that take, was at least honest about it.

Come on, this is a weak equivocation and you know that. Every politician lies, but nobody lies as much as Trump. He is the biggest liar on record. It's like saying that getting slapped in the face or your arm chopped off with a machete are both assault, so who cares which one happens to you.

Nah. I'd be happy to compare lying and sketchiness with you if you'd like to take a close look at Trump, Biden, and the Clintons. Our last 3 candidates all have an abundance of BS in their history. We all know all three are disgusting, and all three lie off the charts. And it's not a competition where I'm going to vote for the one who lies less knowing they all lie. Given a choice between the 3 disgusting liars, I'll choose the one I think will implement policy I'm aligned with. I'm not ever going to vote for someone with policies I adamantly oppose. And as far as policy is concerned, Trump has done for the most part what he ran on.

 

[TorontoGold]

If this outrages you, Amazon had 11 Billion in income, and paid zero federal taxes.

Not directing this at you, but just to the overall outrage from some folks - why should I be outraged by Trump when everyone gives Amazon a pass? I'm not tax expert, but I've read enough to know rich people, rich corps, etc. all do this. Personally, I'd prefer a flat or fair tax for all people and corps, and killing all the loopholes. But that my friend is something almost no politician wants. It's certainly is not supported by all the liberal big corps that virtue signal.

When you were on your Trump thread sabbatical, I went in on Amazon for that. You'll find we're like 99% on the same page for taxes. The tax loopholes available for corporations is 100x greater than the personal side. Rerouting business through countries with low corporate tax rates is a joke. I know transfer pricing is becoming a big international tax issue right now as a number of my clients are getting audited around the world. Funny enough, California is giving me the most trouble.

 

[PraetorianND]

For literally the 5th time, I'm saying he's either broke or cheating on his taxes. It's right there in what you're quoting. So if you don't think he's cheating on his taxes and is accurately reporting his liabilities and losses, then he is crazy in debt with no revenue to repay the hundreds of millions of dollars he owes.

But, Rachel Maddow shared his 2005 taxes that showed he made $150m? If he just let that roll in the SP500 that would now be worth like $400m. If he hasn’t touched it since then he would show zero income from it, and have paid zero taxes on it. So worst case scenario he’s sitting on like $400m if we’re assuming that’s the ONLY year of his life he made any money?

In the words of Joe Biden, “C’mon man.”

You’re upset about tax law, not Trump.

 

[Rogue219]

$70k for a hair stylist.

Dying to know the write off for the nutritionist.

 

[Irish YJ]

When you were on your Trump thread sabbatical, I went in on Amazon for that. You'll find we're like 99% on the same page for taxes. The tax loopholes available for corporations is 100x greater than the personal side. Rerouting business through countries with low corporate tax rates is a joke. I know transfer pricing is becoming a big international tax issue right now as a number of my clients are getting audited around the world. Funny enough, California is giving me the most trouble.

We absolutely agree on a few issues, no doubt. I'd love major changes in tax code. It's a total joke. If you went to a flat or fair tax, you'd basically defund the IRS (oh no big gov) and increase your revenue by a butt load. Instead, politicians prefer to grow a murkier and murkier tax code full of ever changing complex rules, which allow swampy behavior.

FWIW, my father was auditor and accountant 30+ years.

 

[drayer54]

$70k for a hair stylist.

Dying to know the write off for the nutritionist.

Haircuts are too damn expensive.

He prob tips well too.

 

[Irishize]

We absolutely agree on a few issues, no doubt. I'd love major changes in tax code. It's a total joke. If you went to a flat or fair tax, you'd basically defund the IRS (oh no big gov) and increase your revenue by a butt load. Instead, politicians prefer to grow a murkier and murkier tax code full of ever changing complex rules, which allow swampy behavior.

FWIW, my father was auditor and accountant 30+ years.

Doesn’t this further show that when gov’t plays the “soak the rich” card that the highest brackets can afford the best accountants & tax attorneys to minimize their taxes via loopholes, etc? It’s always the middle class that takes it up the ass in the end.

Also, wasn’t this topic already covered in the 2016 debates when Hillary tried the gotcha tactic of how little taxes Trump paid and he simply responded “That makes me smart” & that he was a better steward of money than the gov’t?

At least if Biden wins, I know it will absolutely enrage that feckless c**t who was “stone cold lead pipe lock” to beat Trump in a landslide and choked on applesauce. That should be grounds for divorce for Slick.

 

[yankeehater]

You can thank Obama as Trump just used the policies he put in place. We will see if he has to pay the refund back after the IRS completes the audit.

https://www.nationalreview.com/corner/obama-wrote-trump-a-73-million-check/

 

[IrishLax]

Nah. I'd be happy to compare lying and sketchiness with you if you'd like to take a close look at Trump, Biden, and the Clintons. Our last 3 candidates all have an abundance of BS in their history. We all know all three are disgusting, and all three lie off the charts.

Aight my man, let's do it. I don't give a shit about Clinton, I posted on here repeatedly heading up to that election how much I loathed her. But let's do Trump versus Biden, I'll start with simply the Wikipedia dedicated to Trump's lies:
https://en.wikipedia.org/wiki/Veracity_of_statements_by_Donald_Trump

Do you really think any gaffe or lie from Biden comes close to 1% of what is listed there? And that Wikipedia is only a high level recap of his deceit. He lies more than anyone on record, how can you have a leader that doesn't even try to traffic in facts and reality?

 

[TorontoGold]

We absolutely agree on a few issues, no doubt. I'd love major changes in tax code. It's a total joke. If you went to a flat or fair tax, you'd basically defund the IRS (oh no big gov) and increase your revenue by a butt load. Instead, politicians prefer to grow a murkier and murkier tax code full of ever changing complex rules, which allow swampy behavior.

FWIW, my father was auditor and accountant 30+ years.

Yep tax codes are written by the rich for the rich.

lol and from that point onward you made sure everything had invoice support with proper approvals obtained.

 

[Wild Bill]

How did NYT get his taxes? Is that known?

 

[drayer54]

Yep tax codes are written by the rich for the rich.

lol and from that point onward you made sure everything had invoice support with proper approvals obtained.

The rich have good lobbyists.

The rich have good PACs.

The non-rich have...

 

[PraetorianND]

How did NYT get his taxes? Is that known?

Who knows. They might not have because they haven’t released any source docs. So everything you’re getting is filtered through them for your consumption. Why they wouldn’t just release the docs is suspicious in itself. If it’s that incriminating why not just put em out there?

 

[Irish#1]

$70k for a hair stylist.

Dying to know the write off for the nutritionist.

Haircuts are too damn expensive.

He prob tips well too.

Somebody tell him about Great Clips!

 

[Rogue219]

Haircuts are too damn expensive.

He prob tips well too.

I don't know. He strikes me as the kind of asshole who asks you to borrow a $10 when he's got a $20 in his pocket. Knew these dudes in college. They were the worst.

So does he have an actual stand alone residence? My lazy taker ass has one house, and I live here all of the time, especially these last six months. I don't know how this works with multiple residences because I never worked hard in my life and such.

From what I can gather, this guy either lives at his golf resorts or in the apartments above the gift shops in his towers. Is this inaccurate?