President-elect Donald Trump owns a helicopter in Scotland.
To be more precise, he has a revocable trust that owns 99% of a Delaware limited liability company that owns 99% of another Delaware LLC that owns a Scottish limited company that owns another Scottish company that owns the 26-year-old Sikorsky S-76B helicopter, emblazoned with a red “TRUMP†on the side of its fuselage.
Across Mr. Trump’s business, he uses a similar web of privately held LLCs and other entities to house his assetsâ€"everything from real estate to a vintage carousel in Manhattan’s Central Park, according to a Wall Street Journal analysis of hundreds of pages of his corporate filings and personal financial disclosures. Fifteen entities, for example, are used to hold his interests in two airplanes and three helicopters.
Roughly halfâ€"at least $304 millionâ€"of the revenue Mr. Trump reported in a federal financial disclosure form earlier this year came from assets held in 96 different LLCs, according to the Journal’s analysis. Those assets include a skyscraper at 40 Wall Street in Manhattan and the Mar-a-Lago Club in Palm Beach, Fla.
LLCs registered in Delaware are widely used for real estate because of their tax advantages. They can allow income and costs to be “passed through†to the owner and then used to offset other profits or losses, rather than the entity itself having to pay tax.
Turnberry Scotland LLC
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