Published: Wed, October 03, 2018
Global News | By Blake Casey

Donald Trump helped parents hide money on tax returns

Donald Trump helped parents hide money on tax returns

The US president was receiving $200,000 from his father's various business interests by the age of three and was a millionaire by the age of eight, according to the paper.

The alleged family tax avoidance strategies included a "sham corporation" created to funnel money from Fred Trump to his children, fraudulent tax deductions, and misreporting the value of family wealth and properties, according to The Times.

Trump lawyer Charles Harder told the Times its report was inaccurate. What's more, Trump and his family boosted their wealth through tax evasion and fraud, according to the Times.

Trump has stated on numerous occasions that he received little help from his father, NY property developer Fred Trump, in building his fortune. But the newspaper said its exhaustive investigation of tax returns and confidential records found this was not true.

The New York state tax department told The Associated Press that it is reviewing the allegations in the Times and "is vigorously pursuing all appropriate avenues of investigation".

The Trumps' appraiser, Robert von Ancken, concluded at the time that a portfolio of 25 apartment complexes and other properties were worth $93.9 million.

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The Times cited tax experts in reporting Trump would not likely face criminal prosecution because the acts in question were past the statute of limitations.

"President Trump had virtually no involvement whatsoever with these matters". By the time Trump had graduated from college, the report says, he was getting the equivalent of $1 million a year from his father. Harder insisted the matter was mostly handled by other relatives who relied "entirely" upon licensed professionals to "ensure full compliance with the law".

By the time he was 3 years old, Trump was earning $US200,000 a year in today's dollars. That would have amounted to a 55-percent tax on gifts, or $8 million, according to the report.

"In every era of Mr. Trump's life, his finances were deeply intertwined with, and dependent on, his father's wealth", the Times reported Tuesday. Those same buildings, the Times reported, would cumulatively be sold for a 16-fold increase over that number. However, an examination of estate and tax documents has offered an alternative source for his fortune involving hundreds of millions of dollars in loans, transfers and gifts from his father.

The Times says the Trump family hid millions of dollars of transfers from the father to his children through a sham company owned by the children called All County Building Supply & Maintenance. During the 2016 presidential campaign, Trump infamously broke with decades of tradition and refused to release his tax returns, while he simultaneously touted himself as a self-made businessman who received little help from his family.

When major damaging news break about President Donald Trump - as it often does - almost every mainstream news station drops whatever it was working on to cover the latest bombshell.

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