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This Trump real estate deal looks awfully like criminal tax fraud

Posted on August 4th, 2017 at 15:05 by John Sinteur in category: News -- Write a comment

[Quote:]

According to a recent story by ProPublica and the Real Deal, in April 2016 a limited liability company managed by Trump sold two condominium apartments to a limited liability company managed by Eric Trump. They were on the 13th and 14th floors of a 14-story, full-service, doorman building at 100 Central Park South in Manhattan. This is a prime Midtown neighborhood, yet the sale price for each condo was just $350,000. Although the condition and square footage of apartments 13G and 14G are not readily known, a popular real estate website shows that G-line apartments on both the fifth and eighth floors are one-bedroom, one-bath units of just over 500 square feet. Two years before the Trump transaction, apartment 5G sold for $690,000. Maybe the two units in question were in terrible shape, but two months before the sale to Eric Trump’s LLC, they were advertised for $790,000 (on the 13th floor) and $800,000 (on the 14th floor), according to ProPublica.

If a sale between a parent and child is for fair market value, it does not trigger a gift tax. But if a parent sells two expensive condominiums to his son at a highly discounted price, for example, then the parent makes a taxable gift in part. In that case, the seller must pay a gift tax of up to 40 percent. (In this case, that might have run the president somewhere in the neighborhood of $350,000.)

  1. Well, we know where most of the Trump saga is headed, but could we get some equal time for say, the Debbie Wasserman Schultz et al fraud, embezzlement and ethics violation accusations?

  2. Sure, what’s she the President of, exactly?

  3. Let me see, were the election to have swung the other way, you would have what “team” exactly?
    Probably falls in to pot-kettle-black I’d wager.

  4. Nope – I’d have hung Sanders out to dry just as much if a similar shady deal were to come to light.

  5. As so should be the case.

  6. An honest politician is rarer than a Dodo.

  7. Or than an informed voter. Or, indeed, non-voter.

  8. Ah yes, informed voters. I assume they vote for the lesser of two evils.

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