The Manhattan DA has subpoenaed loan documents from a Trump Chicago project to compare them to his tax returns.
By 2012, Fortress subsequently forgave more $100 million of the loan, which, including interest and fees, was worth about $150 million, according to court filings. The forgiveness was done to secure a partial re-payment of about $45 million at a time when the real estate market was suffering from the financial crisis.
Prosecutors with Manhattan District Attorney Cy Vance’s office are looking into whether Trump and the Trump Organization recorded the loan forgiveness as income, as required by the Internal Revenue Service, and paid the appropriate taxes, the people say.
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There are several things that we know based on public reporting and Trump’s own comments. Donald Trump thought that he was smart to avoid paying taxes. Donald Trump went out of his way to avoid paying taxes. Trump has a decades-long documented history of changing the valuation of his assets to avoid taxes and get loans.
Manhattan DA Cyrus Vance has already added a former federal prosecutor who specializes in white-collar and organized crime to his investigation. The DA is treating the Trump Organization like an organized crime ring, and he is now gathering evidence of potential Trump criminal activity.
The District Attorney is digging deep into how Trump ran his business, which makes it more likely that Donald Trump is closer to a criminal indictment than a political comeback.
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Jason is the managing editor. He is also a White House Press Pool and a Congressional correspondent for PoliticusUSA. Jason has a Bachelor’s Degree in Political Science. His graduate work focused on public policy, with a specialization in social reform movements.
Awards and Professional Memberships
Member of the Society of Professional Journalists and The American Political Science Association
