“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.”