CNN
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Former President Donald Trump may owe greater than $100 million in taxes on account of a yearslong Inside Income Service inquiry into claims of big losses on his Chicago skyscraper, The New York Times and ProPublica reported Saturday.
The information organizations reported Trump claimed large monetary losses twice — first on his 2008 tax return, when he mentioned the constructing, then mired in debt, was “nugatory,” and once more after 2010, when he had shifted its possession into a brand new partnership additionally managed by Trump.
The 2008 declare resulted in Trump reporting losses as excessive as $651 million for the yr, and there’s no indication it drew an IRS problem, the retailers reported. Then, Trump’s attorneys enabled additional claims of losses in 2010 by shifting the Chicago tower into one other partnership, “DJT Holdings LLC,” The Instances and ProPublica reported.
Within the years that adopted, different Trump companies, together with golf programs, could be shifted into that very same partnership — which his attorneys used as the idea to assert extra tax-reducing losses from the Chicago tower. That transfer sparked the IRS inquiry. These losses added as much as $168 million over the following decade, the report mentioned.
The retailers calculated the revision sought by the IRS may end in a tax invoice of greater than $100 million.
The one public point out of the IRS audit into Trump’s Chicago tower loss claims got here in a December 2022 congressional report that The Instances and ProPublica reported made an unexplained reference to the part of tax regulation at problem within the case. That point out, the retailers reported, confirmed the audit was nonetheless underway.
“This matter was settled years in the past, solely to be introduced again to life as soon as my father ran for workplace. We’re assured in our place, which is supported by opinion letters from varied tax consultants, together with the previous basic counsel of the IRS,” Trump’s son Eric Trump, the chief vp of the Trump Group, instructed The Instances and ProPublica in a press release.