Trump could still be hit with a 'whopper of a tax bill' if his assets are ordered sold off

According to a report on what the future holds for Donald Trump should Judge Arthur Engoron strip his companies of their business certificates, a former prosecutor claimed that he would face a sell-off of his business by a court-appointed receiver with the possible addition of a major tax liability tacked on.

As Politico's Erica Orden reported, the former president has already been found guilty by the Manhattan judge of financial fraud in the $250 million civil suit filed by New York Attorney General Letitia James.

The ongoing proceedings, which started up again on Monday are designed to provide Engoron with more information, allowing him to assess the amount of financial penalties the former president and his Trump Organization will be liable for.

According to the report, Trump and his family will likely appeal Engoron's eventual ruling which would allow them to delay paying up immediately, with the exception of posting an appeal bond comprised of money held until after the appeal bid is resolved.

Then there is the issue of yanking the business certificates, with Engoron having already appointed a receiver to take over if it reaches that point.

According to former Manhattan prosecutor Diana Florence, "It literally means the company is dead, and once a company is dead, they can’t take their stuff with them.”

That "stuff" would include Trump Tower, 40 Wall Street, Trump International Hotel and the shuttering of the Trump Organization.

According to Florence, those assets would then be sold off and the proceeds used to pay the judgment and any outstanding receivables, with the leftover cash going to the former president.

However, as Florence explained, if most of those proceeds end up in the former president's pocket, additional penalties await him, with Florence stating, "He’s going to be hit with a whopper of a tax bill.”