A report has shown certain discrepancies in US President Donald Trump’s tax records as the accounts his businesses presented to the tax official contradict what was tendered to the bankers to obtain loans.
Pro Publica reported today that Trump’s businesses showed expenses, profits, and occupancy figures for two Manhattan buildings, as against the different figures shown to New York tax authorities.
The anomalies made the buildings appear more profitable to the taxman and less profitable to the officials with the buildings’ property tax.
According to the report, Trump told the lender that he took twice the amount of rent from a building as had reported to tax authorities that same year (2017). He also gave contradicting occupancy figures for one of his notable skyscrapers at 40 Wall Street.
The discrepancies have been called “versions of fraud” by Nancy Wallace, a professor of Finance and Real Estate at the Haas School of Business at the University of California, Berkeley.
Lying to tax officials attracts punishments ranging from fines to criminal fraud charges and President Trump’s former associates, Michael Cohen and Paul Manafort, are serving prison sentences for falsifying tax and bank records. The recent development doesn’t bode well for the United States leader who has been previously accused of manipulating figures on his loan and tax documents. The issue had not gained traction as there had been lack of evidence to support the claims.