Trump May Owe Over $100 Million in Taxes After IRS Targets His Chicago Tower
Here we go.
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Here we go.
According to ProPublica and the New York Times, President Trump could owe more than $100 million in taxes for writing off a massive financial loss on his Chicago tower twice – once in 2008 and again in 2010
“The first write-off came on Trump’s tax return for 2008. With sales lagging far behind projections, he claimed that his investment in the condo-hotel tower met the tax code definition of “worthless,” because his debt on the project meant he would never see a profit. That move resulted in Trump reporting losses as high as $651 million for the year, ProPublica and the Times found.” ProPublica reported.
Of course, the IRS settled this inquiry years ago but brought it back after Trump ran for the White House.
“There is no indication the IRS challenged that initial claim, though that lack of scrutiny surprised tax experts consulted for this article. But in 2010, Trump and his tax advisers sought to extract further benefits from the Chicago project, executing a maneuver that would draw years of inquiry from the IRS. First, he shifted the company that owned the tower into a new partnership. Because he controlled both companies, it was like moving coins from one pocket to another. Then he used the shift as justification to declare $168 million in additional losses over the next decade.” according to ProPublica.
The outlets reported that Trump could owe more than $100 million in taxes.
“This matter was settled years ago, only to be brought back to life once my father ran for office. We are confident in our position, which is supported by opinion letters from various tax experts, including the former general counsel of the IRS,” Trump’s son Eric Trump, told The Times and ProPublica in a statement.
The Democrat-Deep State-media complex has harassed President Trump over his tax returns for years.
The Democrats previously sought 10 years of Trump’s tax returns in search of a crime.
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