New York Times reported that US President Donald Trump had $287 million worth of loans forgiven since 2010.
Times' reported that Trump’s tax records appear to show the current president paid almost no federal income tax on the forgiven debts partly due to large losses in other businesses. Further, the Trump Organization’s chief legal officer Alan Garten said that the company and Trump appropriately paid for all taxes due on the forgiven debt.
New York Times reported that during 2016 and 2017, Trump had paid $750 in federal income taxes citing business loss. Trump has also not paid any federal income tax for 11 years in the past 18 years. He has been involved in a decade-long audit with the Internal Revenue Service over a $72.9m tax refund he claimed and received, after declaring huge losses. A ruling against him could cost him more than $100m, the Times reported. The IRS began an audit reviewing the legitimacy of the refund in 2011. The case remains unresolved to date, for unknown reasons, and could ultimately end up in federal court, where it could become a matter of public record.