Thread by @TimInHonolulu

1. I'm not sure, but I think a NY state return is complex. Likely asks about foreign assets including financial accounts. What @realDonaldTrump has to fear isn't just Russia or obstruction. His lifetime of tax abuse is about to be exposed. He could be in Bankruptcy by June.

2. Pretty sure I handled the largest rich person tax related Bankruptcy case in this state's history. Only bigger case was the coup. I don't want to go into it other than to say I know how the timing goes. And what needs to be done and when.

3. When this process starts, if he hasn't filed Bankruptcy he's toast. He can't fix it. You have to file before the liens hit. Trump is looking at the past three years for sure being at total risk. But his toxic loss carry-forwards may reach back a long way so an avalanche of

4. liability might be growing.

You know what the tip-off was? His sister in the same deals had to resign from the US Court of Appeals. Possible that she was referred to the IRS and relevant state tax authorities. Probably NY.

5. When a debtor with assets gets in trouble with the IRS the Service can do what is called a "jeopardy assessment." I'm no tax lawyer but I've seen them in Bankruptcies. Hawaii' is a "pure race" jurisdiction so it's "first in time first in right."

6. And by "pure race" I mean it's purely about running. I've literally ran from a court with an order to the recording office. So if NY is a "race" state and I think it is and the @NewYorkStateAG gets her ducks in order before the the IRS does, and liens Trump's assets,

7. the IRS risks not getting paid. Or not until after all New York state obligations are met in full plus interest and penalties. So the IRS usually issues a jeopardy assessment and liens the daylights out of the tax payer/debtor. States pick up the crumbs.

8. Think @stevenmnuchin1 is going to authorize the jeopardy assessment on The Donald? 😎

9. I remember now what the IRS did in the big case I had and they could do it to Trump. The taxpayer debtor had a bunch of companies that were only generating losses. Sound familiar? They assessed them all as "hobby losses" and took away all the loss pass-through deductions.

10. You don't get a loss for a hobby and by always losing money, the Service argued that the losses were not generated by a legitimate business operations. But by a hobby. And the person they did this to is way richer than the #HighQueensGrifter. 😎