McConney also admitted to helping fraudulently inflate the value of multiple Trump Organization real estate assets. One such property was the Seven Springs estate in Westchester, New York. Trump’s son Eric was planning in 2012 to develop the property for seven houses.
The houses were valued at $161 million—how much they would be worth if they were immediately available. The Trump Organization did not take into account that the value would actually be lower in the present due to the years it would take to actually build the homes, the cost of building them, and the cost of marketing them.
McConney continued to value the homes as producing a $23 million profit for the next three years. In 2015, the homes had not been built, and the Trump Organization instead donated the land rights to conservation, giving the organization the right to a hefty tax deduction.
Squirrel_Chucks on October 7th, 2023 at 20:04 UTC »
Used to go to a small, independent coffee shop that ended up closing down. The owner lied on financial disclosure forms about her income to qualify for a larger business loan. That led to a loan she couldn't repay and some trouble with the IRS
IRS catches the small fries readily enough, but time and again we see stories about people committing tax fraud for years if not decades before facing consequences.
Trump has bragged for decades about fucking around with the IRS.
If he hadn't become President then his money wouldn't have become such a national interest issue. He would have gotten away with it.
Squirrel_Chucks on October 7th, 2023 at 19:55 UTC »
I didn't lie but if I did then it's not my fault.
SouthofAkron on October 7th, 2023 at 19:49 UTC »
How is everyone involved in this scheme not going to prison?