2018-10-02 — newsweek.com
Trump and his siblings specifically tinkered with the valuation of their father's real estate empire in order to avoid taxes, according to the report. They took over Fred Trump's company in November 1997 and, the report claimed, intentionally lowered the value of the properties in order to avoid paying heavy taxes.
In another instance, according to the Times, Trump and his siblings used a company called All County Building Supply & Maintenance to buy supplies and equipment for Fred Trump's buildings. However, the company only claimed such purchases that had already been made by Fred Trump's company and increased how much the items cost. Effectively the money spent was untaxed gifts that the president, his siblings, as well as a cousin, gained as owners of the company.
In a statement to Newsweek after the publication of the Times' story, the New York State Department of Taxation and Finance said it was looking into the allegations.
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