Mary Trump provided the NYT about 100,000 pages of internal Trump family documents she probably got from litigation over her father’s inheritance. It is clear that the family, father Fred and the children, underpaid thru fraud at least 200 million. For example a building was bought by Fred for ten million then sold to the kids for four million a few years later. That was in reality a gift of six million. The gift tax then was 56%. Time has expired for jail but the IRS can get back the unpaid tax plus penalties plus interest. From the year 1999 say. The defense that Fred was the crook won’t help. Money Fred owed when he died, then distributed to his children, can be reclaimed from those who inherited. It was the IRS which owned the money, not Fred, and those who took it thru inheritance must give it back to the true owner, the IRS.
The statute of limitations for the IRS to reclaim the money began when the IRS learned about the fraud, Oct 2018. So next year the IRS can assert their claim and they will get the money when the matter is ultimately resolved, such as in Tax Court. If the statute runs out Oct 2021 but the IRS has not been able to calculate the exact amount then the IRS can simply say they are owed a huge amount, say one trillion dollars, and then the Trumps must prove the amount is less than that. The correct amount can then be determined through the audit process or ultimately in tax court.
= new reply since forum marked as read
