Fred Trump sold Donald a 15.5 million building stake for 10,000 dollars

[Grubert]

Now you tell me who's CROOKED:

In December 1991, Fred Trump sold his 7.5 percent stake in the Trump Palace condominium building on Manhattan’s Upper East Side to his son. The stake was worth about $15.5 million, the Times said, but Donald Trump bought it for just $10,000 — allowing his father to dodge millions in tax liability.

https://www.washingtonpost.com/politics/new-york-tax-agency-weighs-investigation-after-report-that-trump-family-built-wealth-through-tax-avoidance-schemes-and-fraud/2018/10/02/5119f24e-c680-11e8-b2b5-79270f9cce17_story.html

[dalton99a]

1. The NYT article is full of actionable info

[marybourg]

2. Well, he' s allowed to make his son a gift

of the difference between the actual value and what his son paid him -as long as he paid Federal AND NEW YORK gift tax on that difference. Did he?

[Jersey Devil]

3. They did not pay gift taxes

They declared the fair market value to be $10,000 for tax purposes. It was a clear and outright fraud.

[marybourg]

4. I'm shocked. Shocked, I tell you.

[FakeNoose]

5. Everything they did was for tax avoidance (fraud)

Fred died in 1999, and by then almost the entire estate had been turned over to the kids. The mother died the next year so it was finalized soon after that. Donald had already filed 4 bankruptcies by then, and he tried to borrow against his inheritance. The other siblings wouldn't allow it! There's a lot of family nastiness there, and almost all of it had to do with money.

[sunonmars]

6. Everything they do is criminal and are still doing it, there is enough here to jail them 100x over.