The Manhattan district attorney’s investigation of the former President Trump
Donald Trump Trump swears ‘Enough of money for RINOS’ instead of encouraging donations to his PAC Federal judge considers ‘QAnon shaman’ too dangerous to be released from prison Pelosi says rioting on Capitol Hill was one of the most difficult times of his career. MOSTTrump’s finances have expanded, with prosecutors summoning documents from an investment firm that lent the Trump Organization millions of dollars for its skyscraper in Chicago.
CNN, citing people familiar with the matter, reported that prosecutors issued a grand jury subpoena to Fortress Investment Management late last year as part of its investigation into Trump’s finances. Fortress Investment had previously granted the Trump Organization a $ 130 million loan for the construction of what would become Trump Tower Chicago, CNN noted.
According to the case file cited by the network, Fortress in 2012 forgave more than $ 100 million of the original loan, which at the time totaled about $ 150 million, including interest and fees.
The pardon was concluded “to guarantee a partial refund of about $ 45 million at a time when the housing market was suffering from the financial crisis,” reported CNN.
Prosecutors are now reportedly focusing on how the Trump Organization handled the Fortress loan. They are investigating whether Trump and the organization have documented forgiveness as revenue – which is required by the IRS – and have paid taxes on the money, CNN said, citing people familiar with the matter.
The Trump Organization did not respond to CNN’s request for comment. CNN noted, however, that Alan Garten, the legal director of the Trump Organization, told The New York Times last October that the company and Trump appropriately accounted for and paid all taxes owed on forgiven debts.
The Times, which obtained parts of Trump’s tax return data last September, reported that his forgiven debts were recorded as canceled debts in his tax returns. According to the Times, Trump took advantage of a Great Recession bailout clause that “allowed canceled debt revenue to be fully postponed for five years and then evenly distributed over the next five.”
These developments occur when the Manhattan district attorney’s office, Cy Vance Jr. (D), was granted access to Trump’s tax records for several years after an effort by the former president to keep them out of prosecutors’ reach.