Manhattan District Attorney’s Investigation into Former President Trump
Donald Trump promises Trump ‘No more money for RINOS’, but encouraging donations to his federal judge of the PAC states that ‘QAnon shaman’ is too dangerous to be released from prison.Finances have reportedly expanded and prosecutors have sued documents from an investment firm that lent the Trump organization millions of dollars for its skyscraper in Chicago.
CNN, referring to people familiar with the matter, reported that prosecutors issued a summons to grand juries to Fortress Investment Management late last year as part of their investigation into Trump’s finances. Fortress Investment had earlier issued a $ 130 million loan to the Trump organization for the construction of what would become Trump Tower Chicago, CNN noted.
According to court documents cited by the network, by 2012 Fortress had forgiven more than $ 100 million of the original loan, which at the time amounted to about $ 150 million, including interest and fees.
The pardon was completed “to secure a partial repayment of approximately $ 45 million at a time when the real estate market was suffering from the financial crisis,” CNN reported.
Prosecutors now apparently do not want to know how the Trump organization handled the Fortress loan. They are investigating whether Trump and the organization documented the pardon as income – required by the Internal Revenue Service – and paid taxes on the money, CNN reports, citing people familiar with the matter.
The Trump organization did not respond to CNN’s request for comment. CNN did note that Alan Garten, the legal entity of the Trump organization, told The New York Times last October that the company and Trump accounted for and paid all taxes owed on debt owed.
The Times, which obtained portions of Trump’s tax return data last September, reported that his forgiven debt was recorded as canceled debt in his tax returns. According to the Times, Trump used a clause in the Great Recession’s bailout that “allowed canceled debt to be deferred for five years and then spread evenly over the next five years.”
These developments came when the district attorney’s office, Manhattan, Cy Vance Jr. (D), gained access to several years of Trump’s tax records after an attempt by the former president to keep them out of prosecutors’ hands.