RE:RE:Looks Like a Charge from the IRS The 92-story, glass-sheathed skyscraper along the Chicago River is the tallest and, at least for now, the last major construction project by Trump. Through a combination of cost overruns and the bad luck of opening in the teeth of the Great Recession, it was also a vast money loser.
But when Trump sought to reap tax benefits from his losses, the IRS has argued, he went too far and in effect wrote off the same losses twice.
The first write-off came on Trump’s tax return for 2008. With sales lagging far behind projections, he claimed that his investment in the condo-hotel tower met the tax code definition of “worthless,” because his debt on the project meant he would never see a profit. That move resulted in Trump reporting losses as high as $651 million for the year, ProPublica and the Times found.
dart321 wrote: The IRS found this double filing on a building in windy city. How many more issues are they going to find now that they have found so many they can't count them all? What will the final tally be when they finnish going over all his companies financial statements and tax filings? How many fines will he have to pay? How big will the fines be on each? Tax issues never go away, he will never be able to flush them !!!!!!!!!!!!!!!!!!!!