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That’s not quite right.
If you buy something for 300m, with 200m in loans, and sell it for 250m, you pay the loan back first, and have 50m in losses. Your taxes go down.
He only pays tax on gains.
Remember the whole case is him inflating property value to get loans. Between the fire sale, and the bad loans, it’s very likely he has little to no equity. He could sell all he has and not have any money to pay the $500m (plus interest.) Which also means little to no tax burden.
But if he bought it for cheap, and got a loan on the property after the fact, or realistically, he held them for long enough then leveraged their new worth for other things, and hasn't paid any gains on the properties
He was on trial for taking loans on fake gains.
Right...
If he sells for less then he has a loan on, he still owes the money, and without the property as collateral, the lender is going to collect.
If they forgive the debt, that counts as earnings and is taxed.
So it would either force more sales to pay remaining loans, or it's forgiven and taxable income goes up