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Giantone · 05-11-2024, 03:30 PM

I know there are some concerned with the attack on Athletes paying Taxes' but I wanted to put this here for discussion becuase I know some will defend him and that he is being picked on.

https://news.yahoo.com/finance/news/...174807308.html

CNN
Trump could owe more than $100 million in taxes as a result of IRS inquiry, report says

Former President Donald Trump may owe over $100 million in taxes due to IRS inquiry into claims of massive losses on his Chicago skyscraper.

Trump's lawyers enabled further claims of losses by shifting the Chicago tower into a new partnership, sparking the IRS inquiry.

The IRS audit into Trump's Chicago tower loss claims could result in a tax bill of more than $100 million, with the audit still ongoing.

The news organizations reported Trump claimed massive financial losses twice — first on his 2008 tax return, when he said the building, then mired in debt, was “worthless,” and again after 2010, when he had shifted its ownership into a new partnership also controlled by Trump.

The 2008 claim resulted in Trump reporting losses as high as $651 million for the year, and there is no indication it drew an IRS challenge, the outlets reported. Then, Trump’s lawyers enabled further claims of losses in 2010 by shifting the Chicago tower into another partnership, “DJT Holdings LLC,” The Times and ProPublica reported.

In the years that followed, other Trump businesses, including golf courses, would be shifted into that same partnership — which his lawyers used as the basis to claim more tax-reducing losses from the Chicago tower. That move sparked the IRS inquiry. Those losses added up to $168 million over the next decade, the report said.

The outlets calculated the revision sought by the IRS could result in a tax bill of more than $100 million.

The only public mention of the IRS audit into Trump’s Chicago tower loss claims came in a December 2022 congressional report that The Times and ProPublica reported made an unexplained reference to the section of tax law at issue in the case. That mention, the outlets reported, confirmed the audit was still underway.

05-11-2024, 03:30 PM	#2
Giantone Gamebreaker Join Date: Apr 2006 Posts: 14,433	Re: trump the Criminal I know there are some concerned with the attack on Athletes paying Taxes' but I wanted to put this here for discussion becuase I know some will defend him and that he is being picked on. https://news.yahoo.com/finance/news/...174807308.html CNN Trump could owe more than $100 million in taxes as a result of IRS inquiry, report says Former President Donald Trump may owe over $100 million in taxes due to IRS inquiry into claims of massive losses on his Chicago skyscraper. Trump's lawyers enabled further claims of losses by shifting the Chicago tower into a new partnership, sparking the IRS inquiry. The IRS audit into Trump's Chicago tower loss claims could result in a tax bill of more than $100 million, with the audit still ongoing. The news organizations reported Trump claimed massive financial losses twice — first on his 2008 tax return, when he said the building, then mired in debt, was “worthless,” and again after 2010, when he had shifted its ownership into a new partnership also controlled by Trump. The 2008 claim resulted in Trump reporting losses as high as $651 million for the year, and there is no indication it drew an IRS challenge, the outlets reported. Then, Trump’s lawyers enabled further claims of losses in 2010 by shifting the Chicago tower into another partnership, “DJT Holdings LLC,” The Times and ProPublica reported. In the years that followed, other Trump businesses, including golf courses, would be shifted into that same partnership — which his lawyers used as the basis to claim more tax-reducing losses from the Chicago tower. That move sparked the IRS inquiry. Those losses added up to $168 million over the next decade, the report said. The outlets calculated the revision sought by the IRS could result in a tax bill of more than $100 million. The only public mention of the IRS audit into Trump’s Chicago tower loss claims came in a December 2022 congressional report that The Times and ProPublica reported made an unexplained reference to the section of tax law at issue in the case. That mention, the outlets reported, confirmed the audit was still underway. __________________ ....DISCLAIMER: All of my posts/threads are my expressed typed opinion and the reader is not to assume these comments are absolute fact, law, or truth unless otherwise stated in said post/thread.