For that, officials contend, Trump fraudulently claimed a $25 million appraisal by using a draft report on development costs rather than the final one and by failing to account for cost savings to the Trump Organization. The complaint alleges that one easement tax deduction was tied to a 212-acre property called Seven Springs in Westchester County, NY, and used an inflated appraisal submitted to the IRS that ultimately reduced Trump’s tax liability by $3.5 million.Īnother involves the Trump National Golf Club in Los Angeles. The easement claims to be litigated involve some of Trump’s most familiar properties. The allegedly inflated financial statements were used to get favorable loans and beneficial insurance policy terms, officials assert.Ī Trump lawyer claimed the lawsuit was motivated by politics, and the former president dismissed it on his social media network as part of an ongoing “witch hunt” by James, the Democratic attorney general. The easement donations play only a part in the overall lawsuit, which alleges that Trump, his adult children, and the Trump Organization overvalued assets by billions of dollars. In her sweeping 222-page civil lawsuit, New York Attorney General Letitia James accused Trump and his company of illegally inflating the valuations of multiple properties to increase tax deductions. Such easements involve donating property development rights in order to preserve the property in exchange for a tax break. One of the pillars of the multibillion-dollar fraud lawsuit unveiled Wednesday against Donald Trump focused on a fairly common tax break that New York officials said lowered his tax bills by millions: conservation easements.
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