Trump audited for double-dipping tax breaks on Chicago's Trump Tower

[Valdosta]

Trump audited for double-dipping tax breaks on Chicago’s Trump Tower
Chicago Sun Times

Former President Donald Trump could be hit with a bill of more than $100 million for claiming improper tax breaks on his namesake tower along the Chicago River, according to a report co-published Saturday by ProPublica and the New York Times.

In a yearslong audit battle, the Internal Revenue Service has argued Trump effectively wrote off the same massive losses twice on the Trump International Hotel and Tower at 401 N. Wabash Ave., ProPublica and the Times found.

Trump reported $651 million in losses on the River North tower in 2008, when he claimed the 92-story building met the tax code definition of “worthless” shortly before its completion during the heart of the Great Recession, the news outlets found.

Then, in 2010, Trump shifted the company that owned the tower into a new partnership, a move he cited to justify $168 million in additional losses over the next 10 years, ProPublica and the Times reported, citing filings in a lawsuit against Trump, a congressional report and an IRS memo.

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[BoRaGard]

1. Dip didi dip dip - Republican values on parade.

The stinking sleaze of the GOP leader is oozing like pus
into the bubbling bloodstreams and brainpans of tender MAGA kiddos.

Consequently, we will have a mass Generation Grifter (R) a corrupted wave of kids
who grow up wanting to cheat in business, cheat on their spouses,
and generally lie and cheat through life to be just like the Republican leader.
their parents adore.

God have mercy on America that we shun this wholesale GOP soul corruption.

[PJMcK]

2. Does Trump ever do anything legally?

Seriously, every business he's involved in has shady practices. There appears to be fraud in every venture Trump pursues.

It's truly remarkable how long his criminality has been allowed to flourish.

If the NY election interference/hush money case is the only one before the election, that's okay with me. It. encapsulates all of Trump's sleazy and illegal behaviors: His frauds, lies, insults, stupidity, cheapness, misogyny and disgusting behavior.

It will forever baffle me as to how anyone could admire Trump or think that he'd make a good president.

[walkingman]

5. No, he has no incentive to act ethically. White collar crimes are rarely prosecuted in the US.

Very few of referred white collar crimes are ever charged. It really makes no difference which political party is in charge. America

"The majority of criminal referrals for white-collar crimes are closed by federal prosecutors without filing a prosecution. White-collar prosecution rates are generally lower than for many other types of federal crimes. Considering all crimes, federal attorneys last year prosecuted seven out of every ten (70 percent) criminal referrals they received. This drops to just 5 percent for prosecution of a business engaging in white-collar crimes."

"Judges and many in the legal system tend to see white-collar criminals - especially Caucasian white-collar criminals - as being good people who made a mistake, while the poor and minorities are more likely to have their crime seen as a reflection of their bad character."

In reality, it pays to be a business cheat in America most of the time.

[Chainfire]

3. Trumps only god is money and the promise of power that money brings.

He is not only not bound by ethics, morals or laws, but relishes it living beyond them. Trump's ego is supported by committing criminal deeds and being able to thumb his nose at the law; it means that he is a very important man. Trump has reached the exalted level of wealth and power that renders him virtually untouchable. He is a viable candidate for the presidency because he promises billionaires' who control the engine of our nation, that he will defend and help them expand their wealth. He promises the ignorant working class people who support him that he is "one of them" and has their best interests at heart. He is able to play both sides because is is a liar of the master class. Trump would rather climb a tree to tell a lie than to stand on the ground to tell the truth.

Trump is an insecure man-child who masks his insecurity behind bullying and buying his way to fame (or infamy) and glory. Perhaps that is what it takes to become the President of the United States. At least, in November will will find out where we stand and where we are heading as a nation. The supposes has been killing me.

[mopinko]

4. loosing money despite having his mortgage forgiven and his taxes slashed.

he got corrupt former alderman ed burke to represent him b4 the crony packed appeals board.
burke is now former, and now convicted on fed charges of bribery, extortion and racketeering. he blamed the architects for the fact the retail was never rented. ‘bad sight lines’. on a shiny new riverwalk, sure.

this bldg has also been cited by the epa for dumping heated water from the cooling system into the barely recovering chgo river.

fucker is just a 1 man crime spree. nothing he does is legit.

[Blue Owl]

6. Two scoops equals two dips

[Harker]

7. Trumpsky and another fraudian slip. n/t