(NEW YORK, NY) — Trump has received at least $413 million in today’s dollars from his father’s real state empire, according to a New York Times report.
The report suggests that the self-made billionaire is not self-made at all, and states that President Trump has helped his parents evade paying taxes on millions of dollars which has allowed him to cumulate his massive fortune.
Despite President Trump’s statement that his father invested a mere $1 million that was paid back with interest, the Times reports that the legendary real estate developer, Fred C. Trump, has given Donald Trump much more than just a $1 million loan.
“He gave him loan after loan, many never repaid. He provided money for his car, money for his employees, money to buy stocks, money for his first Manhattan offices and money to renovate those offices. He gave him three trust funds. He gave him shares in multiple partnerships. He gave him $10,000 Christmas checks. He gave him laundry revenue from his buildings,” the report states.
During a month-long investigation, the Times reviewed thousands of financial documents — bank statements, financial audits, cash disbursement reports, and canceled checks. They included more than 200 tax returns from Fred C. Trump, and other family partnerships and trusts. Throughout the investigation, some of the President’s father’s former employees and advisers were interviewed.
According to the Times, in December 1987, Fred Trump purchased a 7.5 percent stake in Donald Trump’s development, Trump Palace, worth $15.5 million.
Four years later, in 1991, Fred Trump sold the stake for just $10,000, according to his tax returns and financial statements. Although the documents do not state who bought his stake, other records suggest that it was sold to his son. Under I.R.S. rules, that deal is considered a $15.49 million taxable gift. However, Fred Trump never reported it to the I.R.S., according to the Times.
According to the Times, the most apparent fraud was All County Building Supply & Maintenance, a company formed by the Trump family in 1992. The reports state that All County siphoned millions of dollars from Fred Trump’s business. That money, considered to be untaxed gifts, was received by All County owners. The owners? Donald Trump, his siblings, and a cousin.
The report states that Fred Trump used inflated bills from All County to justify raising rent for thousands of tenants. Although the statute of limitations has passed, Adam Kaufmann, a former chief of investigations for the Manhattan District Attorney, told the Times that these actions would have called for an investigation into the defrauding of tenants and tax fraud.
The report also shows that in the mid-1990s, the Trumps used friendly appraisals from Robert Von Ancken, a prominent New York City real estate appraiser, to lower the taxable value of Fred Trump’s properties.
Robert Von Ancken appraised 25 apartment complexes and concluded that their total value was $93.9 million.
In his 1995 tax filings, Fred Trump valued the properties at $41.4 million.
The Trump children sold the properties for $737.9 million in 2004.