A court-appointed monitor overseeing Donald Trump’s New York business-fraud case revealed potential tax evasion and inaccurate financial disclosures by Trump’s team.
The monitor’s letter suggests Trump may have evaded taxes on a $48 million loan he claimed to owe, which now appears to have never existed.
Trump’s attorney disputes the claims, but if true, the discrepancies could indicate intentional submission of inaccurate disclosures to the government, potentially amounting to tax evasion.
“When I inquired about this loan, I was informed that there are no loan agreements that memorialize the loan, but that it was a loan that was believed to be between Donald J. Trump, individually, and Chicago Unit Acquisition for $48 million,” Barbara Jones wrote.
“However, in recent discussions with the Trump Organization, it indicated that it has determined that this loan never existed — and thus that it would be removed from any upcoming forms submitted to the Office of Government Ethics (OGE) and would also be removed from subsequent versions of MAML.”
“That’s one of many inaccuracies contained in the monitor’s letter, which we will be addressing with the court,” attorney Alan Garten said.
“It would appear, assuming Judge Jones’ letter is accurate, that this amounts to tax evasion,” tax lawyer Martin Lobel said.
“This explains why the Republicans have been so intent on cutting the IRS’s budget, because they don’t want it to be able to audit transactions like this.”
“If he didn’t actually buy the loan, this is just garden-variety fraud,” Georgetown University law professor Adam Levitin said.
The development has raised questions regarding Trump’s financial practices and potential legal implications.
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