(19 Jan 2022) FOR CLEAN VERSION SEE STORY NUMBER: 4361918
The New York attorney general’s office says former President Donald Trump’s company used “fraudulent or misleading” asset valuations to get loans and tax benefits.
Attorney General Letitia James' office said the company misreported the size of Trump's Manhattan penthouse, saying it was nearly three times its actual size - a difference in value of about $200 million.
James' office said the evidence shows the company listed Trump's Seven Springs estate north of New York City as being worth $291 million, based on the assumption that it could reap $161 million from building nine luxury homes.
It alleges an apartment being rented to Ivanka Trump was valued as high as $25 million, even though she had an option to buy it for $8.5 million.
James' office also said evidence shows the company overstated the value of land donations to the IRS that were used to justify millions in tax deductions.
The filing cited testimony from Trump's financial chief Allen Weisselberg, who was charged last year with tax fraud in a parallel criminal investigation.
James’ office is seeking to force Trump, his daughter Ivanka and his son Donald Trump Jr. to comply with subpoenas seeking their testimony.
State authorities haven’t yet decided whether to bring a civil lawsuit in connection with the allegations.
Trump and his lawyers say the investigation is politically motivated.
-- Listed his Seven Springs estate north of New York City as being worth $291 million, based on the dubious assumption that it could reap $161 million from building nine luxury homes.
-- Added a "brand premium" of 15% to 30% to the value of some properties because they carried the Trump name, despite financial statements explicitly stating they didn't incorporate brand value.
-- Inflated the value of a suburban New York golf club by millions of dollars by counting fees for memberships that weren't sold or were never paid.
-- Valued a Park Avenue condominium tower at $350 million, based on proceeds it could reap from unsold units, even though many of those apartments were likely to sell for less because they were covered by rent stabilization laws.
- Valued an apartment being rented to Ivanka Trump at as high as $25 million, even though she had an option to buy it for $8.5 million.
-- Said in documents that its stake in an office building, 40 Wall Street, was worth $525 million to $602 million -- between two to three times the estimate reached by appraisers working for the lender Capital One.
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