Is Donald Trump a crook? You tell me.
First, he borrowed $640 million from Russian oligarch-backed Deutsche Bank to build another homage to himself, the Trump Tower- Chicago. That project lost money faster than Trump changes his positions, and he was not able to pay it back.
Instead, Trump sued Deutsche Bank and got it to agree to a lower amount. Remember, the difference between what Trump borrowed and what he agreed to pay is considered income by the IRS.
However, rather than report the income, Trump created yet another LLC and deposited the money that account as an illegal fake loan. If Trump had been making payments and paying taxes on that loan income, all of this might have been legal.
But Trump hasn’t made any payments and doesn’t list the LLC as having any assets. That makes this scheme a violation of federal tax law.
Disclaimer: As submitted to the Arizona Daily Star.