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Yet another is to use “carryforward” funds.

In total for that tax year, combined with nearly $9 million in carryforward loss from previous years, Mr. Trump’s qualified losses amounted to more than $58 million for the final year of his term in office.

This creates a greater need for loss carryforward and carryback rules, which allow firms with unsteady profits to offset income from profitable years against the losses of unprofitable years.

Mr Buffett said he had never taken advantage of the carryforward rule, in a statement on Monday.

Mr Trump was asked during the debate by moderator Anderson Cooper if he had taken advantage of the "carryforward" rule, which allows businesspeople to offset a big loss incurred one year against income made in subsequent years for tax purposes.