Trump could face fine of more than $100 million over government audit of Chicago’s Trump Tower

Trump could face fine of more than $100 million over government audit of Chicago’s Trump Tower
Trump could face fine of more than $100 million over government audit of Chicago’s Trump Tower

Former President Donald Trump could face a tax bill from the United States Internal Revenue Service (IRS) of more than 100 million dollars, after a government audit indicated that twice declared losses linked to a Chicago skyscraperaccording to research by The New York Times and ProPublica that relied on a year-long audit and public records.

The report’s findings could put the spotlight back on Trump’s business career at a time when the presumptive Republican nominee is trying to win back the White House after losing in 2020.

Trump’s presidential campaign issued a statement, on behalf of his son Eric Trump, stating that the IRS investigation “was resolved years ago, but is now coming up again once my father ran for office. “We are confident in our position.”

What is the IRS investigation into Donald Trump about?

Tax records cited by the report indicate that Trump twice deducted losses for the Trump International Hotel and Tower, opened in 2009 near the banks of the Chicago River that runs through the center of that city.

According to the report, Trump initially reported losses of $658 million in his 2008 returns under the premise that the property met the IRS definition of ‘worthless’ because condo sales were disappointing and the commercial space was not. was filling up due to the deep American recession.

But in 2010, according to the report The New York Times and ProPublica, Trump transferred ownership of the property to a different holding company that he also controlled, using the move to save money on taxes by reporting another $168 million in losses over the next decade on the same property.

The press report does not include any update on the status of the IRS investigation as of December 2022, but indicates that Trump could owe more than $100 million, including fines, if he loses his battle in that audit.

President Biden has said that Trump owes much of his fortune to an inheritance from his father, rather than his own financial acumen. Biden has criticized Trump for not wanting to pay taxes, while his administration has increased IRS funding to increase audits of the ultra-wealthy and improve compliance with the federal tax code.

The Trump campaign opposes the additional funding that Biden and Democrats provided to the IRS. At his campaign rallies, Trump has said that the United States would be destroyed as a country unless his 2017 tax cuts, which largely expire after 2025, are extended.

In early April, Trump posted bail of 175 million dollars, stopping the collection of the more than $454 million he owes according to the ruling and preventing the state from seizing his assets to satisfy the debt while he appeals.

The prohibitions that Trump will have in New York after the sentence that orders him to pay $355 million for fraud

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