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Accountant testifies Trump claimed decade of enormous tax losses

Accountant testifies Trump claimed decade of enormous tax losses

NEW YORK (AP) ” Donald Trump reported losses on his tax returns every one one year for a decade, including almost USD700 million inside 2009 accompanied by every one one other accompanied by USD200 million inside 2010, his longtime accountant testified Tuesday, confirming long-held suspicions concerning the former president™s tax practices.

Donald Bender, a partner at Mazars USA LLP who spent years preparing Trump™s personal tax returns, said Trump™s reported losses from 2009 to 2018 included netting operating losses from some of the numerous businesses he owns into with every one other accompanied by not here of his Trump Organization.

There are losses for all these years, said Bender, who was granted immunity to testify at the company™s criminal tax fraud trial inside Manhattan.

The short exchange amounted to a infrequent condition discussion of Trump™s taxes ” which the Republican has fought to retain secret ” flat if there was no indeed indeed understandable link to the instance at hand.

A prosecutor, Susan Hoffinger, questioned Bender briefly concerning Trump™s taxes on cross examination, at one point showing him copies of Trump tax paperwork that the Manhattan neighbourhood attorney™s office fought for trio years to obtain, earlier to moving on to other topics.

The Trump Organization, the holding firm for Trump™s buildings, golf courses accompanied by every one one other accompanied by other assets, is charged accompanied by helping some top executives retain away from income taxes on compensation they got inside addition to their salaries, including rent-free apartments accompanied by every one one other accompanied by luxury cars. If convicted, the firm could exist fined additional than USD1 million.

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  • Trump is not charged inside the instance accompanied by every one one other accompanied by is not expected to testify or attend the trial. The company™s former monetary affairs leader testified that he came up accompanied by the scheme on his own, lacking Trump or the Trump family knowing. Allen Weisselberg, testifying while small part of a plea deal, said the firm excessively benefited since it didn™t have to pay him while a a large amount of inside salary.

    Bender™s testimony came on a day filled of Trump-related legal drama, including the U.S. Supreme Court clearing the way for Congress to obtain sextet years cost of tax returns for Trump accompanied by every one one other accompanied by some of his businesses.

    Also Tuesday, the judge inside New York Attorney General Letitia James™ secular fraud legal deed opposed to Trump accompanied by every one one other accompanied by his firm place an October 2023 trial date; a confederate appeals court of rules and regulations of rules with every one other accompanied by regulations heard arguments inside the FBI™s Mar-a-Lago documents investigation; accompanied by every one one other accompanied by Sen. Lindsey Graham, a Trump ally, testified earlier to a Georgia magnificent jury probing alleged 2020 election interference.

    Bender™s tax mislaying testimony echoed what The New York Times reported inside 2020, when it obtained a trove of Trump™s tax returns. Many of the records reflected massive losses accompanied by every one one other accompanied by little or no indeed indeed taxes paid, the paper casual place inside set in print reported at the time.

    The Times reported Trump paid no indeed indeed income tax inside 11 of the 18 years whose records it reviewed, accompanied by every one one other accompanied by that he paid fair USD750 inside confederate income tax inside 2017, the year he became president. Citing other Trump tax records, The Times formerly reported that inside 1995 he claimed USD915.7 million inside losses, which he could have used to retain away from future taxes under the rules with every one other accompanied by regulations at the time.

    Manhattan prosecutors subpoenaed Bender™s firm inside 2019, seeking access to eight years of Trump™s tax returns accompanied by every one one other accompanied by related documents, eventually getting them following a protracted legal fight that included place of set of two trips to the U.S. Supreme Court.

    Bender handled tax returns accompanied by every one one other accompanied by other monetary matters for Trump, the Trump Organization accompanied by every one one other accompanied by hundreds of Trump entities starting inside the 1980s. He excessively prepared taxes for members of Trump™s family accompanied by every one one other accompanied by other firm executives, including Weisselberg accompanied by every one one other accompanied by Weisselberg™s son, who managed a company-run ice rink inside Central Park.

    Weisselberg, who pleaded culpable inside August to dodging taxes on USD1.7 million inside extras inside exchange for a five-month prison sentence, testified that he hid company-paid extras such while Manhattan apartments accompanied by every one one other accompanied by Mercedes-Benz cars from his taxable income by having the company™s comptroller, Jeffrey McConney, lessen his pay by the cost of those perks.

    Bender testified that Weisselberg kept him the black on that positioning ” accompanied by every one one other accompanied by that he only found not here concerning it from prosecutors last year.

    But emails shown inside court of rules and regulations of rules with every one other accompanied by regulations Tuesday suggested that McConney tried to loop him inside while early while 2013, accompanied by attached spreadsheets listing Weisselberg™s pay accompanied by every one one other accompanied by reductions for extras, including Trump-paid tuition for his grandchildren™s private schooling.

    Bender, who testified that he got numerous emails from Trump executives daily, said he didn™t recall seeing those messages. If he had, he said: We would have had a solemn discussion concerning continuing accompanied by the client.

    Mazars USA LLP has since dropped Trump while a client. In February, the firm said yearly monetary statements it prepared for him should no indeed indeed longer exist relied upon following James™ office said the statements regularly misstated the cost of assets ” an allegation at the heart of her lawsuit.

    Trump blamed Bender accompanied by every one one other accompanied by Mazars for the company™s troubles, writing on his Truth Social platform last week: The extremely paid accounting firm should have routinely picked these things up - we relied on them. VERY UNFAIR!

    Bender testified that he place the onus on Weisselberg to fasten some problems while scrutiny of the Trump Organization intensified following Trump™s election inside 2016 accompanied by every one one other accompanied by advised him to place an extremity to one dubious practice: the company™s longstanding, tax-saving habit of paying administrative bonuses while freelance income.

    The accountant said he told Weisselberg: If there is anything bothering you, flat if there™s the slightest chance, we have to place the highest standards so the firm should be, effectively, squeaky clean.

    ___

    Follow Michael Sisak on Twitter at twitter.com/mikesisak accompanied by every one one other accompanied by dispatch confidential tips by visiting https://www.ap.org/tips/.

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