WHOA: Trump Real Estate Deal Looks Like Criminal Tax Fraud

[Cicada]

1. Repeat Offender

He gave Marla Maples a ring worth $80000. At that time gifts greater than $10000 were required to be reported to the IRS so that gift tax could be calculated. A reporter asked Trump if he had filed and Trump went ballistic. He probably failed to report.

We have a "unified" gift and estate tax where a tax is imposed once transfers exceed a certain amount. In Marla's time the exempt amount was $600,000. Now it's a bit more than five million.

Once your accumulated taxable gifts and estate transfers exceed that amount then you must pay. But even before you hit the exempt amount you must report.

Donald surely knows this. The condo sale-gift is almost certainly tax fraud.