The New York Times IS exposing the guts of Donald Trump’s business dealings….
And this information is being examined by the Attorney general in New York for tax fraud….
It is unknown if once he leaves office and has no control over the IRS and Justice Department that he wasn’t be the subject of federal tax fraud …..
President Trump had $287 million in debt forgiven within the past decade, with most of it related to his Trump International Hotel & Tower in Chicago, The New York Times reported on Tuesday.
The Times, citing federal income tax records that it obtained, reported that lenders forgave hundreds of millions in debt since 2010 that Trump did not repay, amounting to most of what Trump had owed.
His lenders, Deutsche Bank and the hedge fund Fortress Investment Group, gave Trump leeway, including extra time to pay his loans, the newspaper reported, citing information from tax returns, interviews and other records
New York Attorney General Letitia James’s (D) investigation into Trump’s business includes questions about the forgiven debts, the Times noted, as the Internal Revenue Service mandates forgiven debts to be taxed as income.
But the newspaper reports that Trump’s tax records appear to show the current president paid almost no federal income tax on the forgiven debts partly due to large losses in other businesses.
Alan Garten, the Trump Organization’s chief legal officer, told the Times that the company and Trump appropriately paid for all taxes due on the forgiven debt.
“These were all arm’s length transactions that were voluntarily entered into between sophisticated parties many years ago in the aftermath of the 2008 global financial crisis and the resulting collapse of the real estate markets,” Garten said.