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Former President Donald Trump will attend the Miami Grand Prix on May 5, 2024.
CNN
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The New York Times and ProPublica reported on Saturday that former President Donald Trump has owed more than $100 million in taxes after a year-long investigation by the Internal Revenue Service into his massive losses on a Chicago skyscraper. It was reported that there is a possibility of payment.
According to media reports, President Trump has twice claimed huge economic losses. The first time was on a 2008 tax return, which said the then-debt-ridden building was “worthless,” and the second time after 2010, when ownership was transferred to a new partnership. Controlled by Trump.
As a result of the 2008 lawsuit, President Trump reported an annual loss of $651 million, but there is no indication that the case triggered an IRS challenge, media outlets reported. Trump’s lawyers then moved Chicago Tower to another affiliate, DJT Holdings LLC, in 2010, allowing him to claim further losses, the Times and ProPublica reported.
In the years that followed, Trump’s other businesses, including golf courses, would move into similar partnerships, which his lawyers used to argue for further tax deduction losses from the Chicago Tower construction. The move triggered an IRS investigation. These losses totaled $168 million over the next 10 years, according to the report.
The media estimated that the changes requested by the IRS could result in a tax bill of more than $100 million.
The only public mention of the IRS audit of President Trump’s Chicago Tower loss claims was in a December 2022 Congressional report, with The Times and ProPublica reporting that the provisions of the tax code at issue in the case It was reported that there was a mention without explanation. The mention confirmed that the audit was still ongoing, media reported.
“This issue was resolved years ago, but it came up again only after my father ran for office,” Eric Trump, President Trump’s son and executive vice president of the Trump Organization, said in a statement to the Times. told the paper and ProPublica.
