New York, May 11 (EFE) – Former President Donald Trump could be facing a potential refund of 100 million dollars in taxes following an investigation by the US Internal Revenue Service (IRS) into improper tax discounts in one of his buildings, as reported by The New York Times and ProPublica on Saturday.
According to the report by these media outlets, Trump claimed losses of 651 million dollars in his 2008 tax return for his Chicago skyscraper, stating that it was “useless” to claim exemptions. In 2010, he made a tax maneuver to claim even more by changing ownership of the building to an entity under his control.
The first loss claim was accepted by the IRS, but tax experts consulted by the media expressed surprise at the lack of scrutiny. The second maneuver triggered an investigation into whether Trump had violated rules against duplicating tax deductions.
The 2010 maneuver reportedly allowed Trump to save money on taxes by reporting additional losses of $168 million over the next decade in the same building, which includes residential and hotel accommodations.
Eric Trump, one of the magnate’s sons who is an executive in the family business, stated that the IRS investigation “was closed years ago” and suggested that it has been reopened because his father is once again eyeing the presidency.
The report mentions that the IRS intensified its scrutiny of Trump’s maneuver during his term in office, with the last public mention of the investigation in December 2022 in a Congressional report. However, the current status of the investigation is not disclosed.
If Trump loses the battle against the IRS, he could be required to pay over 100 million in taxes, according to calculations made by tax experts. The outcome of the case will only become public if the politician decides to appeal the ruling in court.
(c) EFE Agency
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