The investigation of the former Manhattan District Attorney President Trump
Donald Trump Trump promises “There will be no more money for RINOS,” instead of encouraging donations to his federal judge that the federal judge considers the “QAnon shaman” too dangerous to be released from prison. Pelosi says the Capitol riots were one of the most difficult moments of his career MOREAccording to reports, the finances expanded and prosecutors cited documents from an investment firm that lent the Trump Organization millions of dollars for its Chicago skyscraper.
CNN, citing people familiar with the matter, reported that prosecutors sent a grand jury subpoena to Fortress Investment Management late last year as part of its investigation into Trump’s finances. Fortress Investment previously granted the $ 130 million loan to the Trump Organization for the construction of what would become the Chicago Tower, CNN reported.
According to court records cited by the network, Fortress forgave more than $ 100 million in the original loan in 2012, which at the time amounted to about $ 150 million, including interest and commissions.
The pardon was completed “to get a partial repayment of about $ 45 million at a time when the real estate market was suffering from the financial crisis,” CNN reported.
According to reports, prosecutors are limited to the way the Trump Organization handled the Fortress loan. They are investigating whether or not Trump and the organization documented the pardon as income – which is required by the Internal Revenue Service – and paid taxes on the money, CNN reported, citing people familiar with the matter.
The Trump Organization did not respond to CNN’s request for comment. CNN noted, however, that Alan Garten, the Trump organization’s legal chief, told the New York Times last October that the company and Trump properly accounted for and paid all taxes due on forgiven debts.
The Times, which obtained part of Trump’s tax return data last September, reported that his forgiven debts were recorded as debts canceled on his returns. According to the Times, Trump took advantage of a Great Recession bailout clause that “allowed for the deferral of income from debt canceled for five years, and then evenly distributed over the next five years.”
These events occur when the office of the Manhattan District Attorney, Cy Vance Jr. (D), he had access to Trump’s tax records for several years after an ex-president’s effort to keep them out of prosecutors ’hands.