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Most Trump companies are privately held and the vast majority, I imagine, are formed as partnerships and S-corporations which provide some specific tax advantages to a business owner that I can't get into in great detail here. Each of these companies should issue, on an annual basis, a form K-1 to all people and entities that own a percentage of them. The K-1 reports several different types of income or loss, all of which is totaled up on Form 1040 Schedule E, and taxes are levied on the balance of income reported. For people that own a lot of businesses, as Trump does, it can get complicated rather quickly.

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