The NY Times - Trump May Owe $100 Million From Double-Dip Tax Breaks, I.R.S. Audit Shows  [ unlocked link ]

11 May 2024

Former President Donald J. Trump used a dubious accounting maneuver to claim improper tax breaks from his troubled Chicago tower, according to an Internal Revenue Service inquiry uncovered by The New York Times and ProPublica.

 

Losing a years-long audit battle over the claim could mean a tax bill of more than $100 million.

 

The 92-story, glass-sheathed skyscraper along the Chicago River is the tallest and, at least for now, the last major construction project by Mr. Trump.

 

Through a combination of cost overruns and the bad luck of opening in the teeth of the Great Recession, it was also a vast money loser.

 

But when Mr. Trump sought to reap tax benefits from his losses, the I.R.S. has argued, he went too far and in effect wrote off the same losses twice. ...

 

This is a long and detailed article, requiring a knowledge of tax matters that I do not have.

I would be interested in the opinion of someone who knows more about high finance - note the free link.  🙄