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HomeGeneralTrump May Face $100 Million IRS Bill Over Chicago Skyscraper Tax Loss...

Trump May Face $100 Million IRS Bill Over Chicago Skyscraper Tax Loss in Audit

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A picture of Former U.S President Donald  Trump
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In a statement by the NY Times, Trump may be hit with an Internal Revenue Service penalty of over one hundred million dollars as a result of an investigation by authorities that discovered that he overlapped on his tax payment relating to a building in Chicago. The investigation and the general documents have lasted over one year.

The investigation’s aftermath may raise eyebrows and bring attention to his business portfolio and his pursuit as the flag bearer of the GOP party to reclaim the seat of the president of the United States, which he lost to his counterpart in 2022.

Unlike other presidential contenders, former President Donald Trump has not released his tax returns despite using his credibility, success as a real estate mogul, and personality on reality shows to create a political force for himself. The public knowledge of his tax payment comes from old reports and a shared document released in 2022 by Democrats. 

In a message sent in disguise by Trump with the name of his son Eric, his election administration claimed that the Internal Revenue Service, which was concluded a couple of years ago, is now been dug up to the public because his father is running for president. He also added that they were sure of their standing.

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ALSO READ: California Becomes the State With the Highest Debt As Reliance on Taxpayers Backfires

Trump repeatedly reduced payment twice from his facility along the Chicago River bank. The building was launched in 2009, and according to tax documents quoted in the investigation, a significant portion of it passed through the city.

According to the article, Trump, who originally declared six-hundred and fifty-eight million dollars in financial losses in 2008, claimed that the facility met the Internal Revenue Service’s criteria of being irrelevant due to weak returns and a vacant commercial area during the country’s severe economic downturn.

According to an article made public in 2010, he switched the asset’s management to a separate holding business that he co-owns. He paid an additional one-hundred and sixty-eight million dollars in financial losses on the same property within the next ten years in order to eliminate the real cost of the tax to be paid.

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According to the article, the Internal Revenue Service probe did not develop after December 2022. However, if Trump is found guilty in the investigation, he might be liable for over one hundred million dollars in fines and interest.

Moreover, Trump filed an appeal against the Feb 2024 verdict of a NY court after a legal lawsuit discovered that Trump, the corporation, and senior officials had deceived lenders and underwriters by exaggerating Trump’s worth on accounting records. 

While disputing the ruling, Trump paid one hundred and seventeen million dollars in bail in April to stop the seizure of his assets and pay off the over four hundred and fifty-four million dollars he owed.

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ALSO READ: Biden Set To Let Trump-Era Tax Cuts Expire in 2025

Observers, including  President Biden, also pointed out that a large chunk of his wealth can be attributed primarily to the result of his dad’s legacy and not his own business prowess.

While Biden has criticized Trump for his tax avoidance policies, his government has supported the Internal Revenue Service with extra money to conduct more investigations of the very rich and encourage more people to pay their fair share of tax.

Trump’s administration opposes the concept of President Joe giving extra money to the Internal Revenue Service. In an election drive, Trump threatened national disintegration if Congress did not extend the deduction he instituted in 2017, which is slated for termination after 2025.

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