“Donald Trump used a dubious accounting maneuver to claim improper tax breaks from his troubled Chicago tower,” according to an IRS inquiry uncovered by ProPublica and the New York Times.
“Losing a yearslong audit battle over the claim could mean a tax bill of more than $100 million.”
“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.”
