THEM’S THE BREAKS

Trump May Owe $100M for Improper Tax Breaks on Chicago Tower

A report by The New York Times and ProPublica states that the former president used a dubious accounting maneuver to claim improper tax breaks from his troubled Chicago tower.

Former President Donald Trump allegedly used a dubious accounting move to claim improper tax breaks from his Chicago tower, according to a report from The New York Times and ProPublica. The publications say an Internal Revenue Service inquiry found that Trump may be on the hook for a $100 million tax bill. Trump reportedly tried to gain tax benefits from his losses on the Chicago tower with the IRS saying he wrote off the same losses twice. Trump’s taxes have long been shrouded in secrecy ever since he defied calls during the 2016 presidential campaign to release his returns, citing a long-running audit. Trump’s son Eric Trump, executive vice president of the Trump Organization, disputed the IRS findings. “This matter was settled years ago, only to be brought back to life once my father ran for office. We are confident in our position, which is supported by opinion letters from various tax experts, including the former general counsel of the I.R.S.”