New York prosecutors are investigating whether the Trump Organization broke the law by offering dramatically different valuations of the same properties - Yahoo News
New York prosecutors are investigating the Trump Organization's history of claiming dramatically different valuations of its properties.
The company valued several properties up to 30 times more for potential lenders than for tax officials, The Washington Post reported.
The differences in evaluations may amount to tax, bank, or insurance fraud, experts say.
The Manhattan district attorney and New York attorney general are investigating several instances in which the Trump Organization provided government officials and potential lenders vastly different valuations of its properties.
The prosecutors are said to be presenting the evidence at a second special grand jury they empaneled in Manhattan for their long-running investigation into the Trump Organization's finances. Investigations appear to be focusing their efforts on at least four of former President Donald Trump's properties: an office building at 40 Wall Street in Manhattan; a golf club in Rancho Palos Verdes, California; an estate called Seven Springs in Westchester County, New York; and a golf club in Briarcliff Manor, New York.
Trump's company valued these properties up to 30 times more depending on who the numbers were provided to, according to documentation obtained by The Washington Post. In 2012, the Trump Organization told tax officials the Manhattan office building was worth just $16.7 million. But just a few months prior, the company had valued the same building at a staggering $527 million in a document provided to possible lenders, The Post reported.
In another instance in 2013, the Trump Organization told county tax officials that its California golf club was worth $900,000. But in 2014, as the company was seeking a massive tax deduction through a conservation easement, it said the same property was worth at least $25 million. It was in Trump's financial interest to inflate the value of the land when asking for an easement, which limits commercial use of the land, because it would amount to a larger tax break.
source: https://news.yahoo.com/york-prosecutors-investigating-whether-trump-202710044.html
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