Donald Trump Jr. Admits He’s Not Getting Basic Accounting

  • Donald Trump Jr. told New York investigators he didn’t understand basic bookkeeping, according to a new filing.
  • He claimed ignorance when asked in a sworn deposition to sign his father’s financial statements.
  • He said he remembered a little about accounting principles from “accounting 101” at Wharton.

As the sole director of the family business, Donald Trump Jr. regularly signs his father’s financial statements – but he still insisted in a recent sworn deposition that he had very little real knowledge on accounting, New York officials revealed Thursday.

Asked about “GAAP,” the generally accepted accounting principles that must be followed in the United States, the younger Trump claimed almost complete ignorance, according to court documents filed Thursday by New York State Attorney General Letitia James.

“Donald Trump, Jr. testified that his only familiarity with GAAP was ‘probably [because of] Accounting 101 at Wharton,” and that in addition to knowing they “are generally accepted,” he could not identify any other knowledge he has of GAAP,” the filing states.

Like his father and sister, Ivanka Trump, Donald Trump, Jr., graduated from the Wharton School at the University of Pennsylvania. “To be honest, I used to drink and party pretty hard,” he told New York Magazine in 2004.

James offered insight into Donald Trump Jr.’s claimed accounting ignorance amid a new court filing that alleges the Trump Organization engages in an ongoing pattern of fraud, extending beyond the trial of 220 pages she filed against the former president, his family and his business on September 21.

His office is asking a Manhattan judge to bar Trump from transferring assets to ‘Trump Organization II,’ a new entity that is not named as a defendant in the lawsuit or an ongoing criminal prosecution in Manhattan over an alleged payroll tax system.

She also asks the judge to immediately appoint an independent monitor to oversee Donald Trump’s finances and ask him to formally accept service of his lawsuit, which he has yet to do within three weeks of filing it.

As for Donald Trump Jr., he did not assert his Fifth Amendment right against self-incrimination — unlike his father and brother, Eric Trump — when he gave a court-ordered deposition in front of him. attorney general’s investigators in August, according to Thursday’s filing.

Since 2017, the former president’s namesake son has been a trustee of the Donald J. Trump Revocable Trust, the entity created to oversee the Trump Organization when Donald Trump became president.

“Despite his role as Administrator, Donald Trump, Jr. had no specific recollection of all of the statements,” the filing said, referring to the annual statements of financial condition at the center of James’ trial.

“Donald Trump, Jr. testified that he did not understand how the statement is compiled each year,” the filing continues.

“Donald Trump, Jr. testified that he was aware of the involvement of an accounting firm, but otherwise had no knowledge of the tax preparation process or mechanics.”

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