According tp the reports, former President Donald Trump is under scrutiny after a government audit revealed potential tax irregularities tied to a Chicago skyscraper. The audit, conducted over several years, suggests that Trump may owe over $100 million to the IRS for allegedly exploiting tax loopholes.
The findings of the report could reignite interest in Trump’s business dealings as he eyes a potential comeback for the presidency in 2024. Despite his prominence as a real estate mogul and TV personality, Trump has notably withheld his tax returns from public scrutiny, departing from the tradition of past presidential candidates.
The tax records under examination indicate that Trump claimed losses twice on the Trump International Hotel and Tower in Chicago.
Initially, in 2008, he reported losses amounting to $658 million, citing disappointing condo sales and unfilled retail spaces amidst a recession. However, in 2010, Trump allegedly transferred ownership of the property to another company he controlled, enabling him to claim an additional $168 million in losses over the subsequent decade.
Trump’s camp has responded to the inquiry, asserting that the matter was resolved years ago and insinuating political motivations behind its resurgence. A statement attributed to Eric Trump emphasized confidence in their position regarding the IRS inquiry.
The report also underscores Trump’s legal battles beyond tax issues. He is currently appealing a New York court ruling that found him and his company guilty of inflating his wealth on financial statements, a move that allegedly deceived lenders and insurers.
Trump has posted a $175 million bond, delaying the collection of the $454 million judgment against him while he appeals.
President Joe Biden has criticized Trump’s financial practices, attributing much of his wealth to inheritance rather than genuine financial prowess. Biden’s administration has allocated additional funding to the IRS to bolster audits of the ultra-wealthy and enhance tax code compliance.
Trump’s campaign opposes the increased IRS funding, advocating for the extension of his 2017 tax cuts, many of which are set to expire after 2025. Trump has warned of dire consequences for the country should these cuts not be extended, a sentiment he has echoed at campaign rallies.
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