The New York Times has conducted an investigation into various documents and interviews to determine how Donald Trump amassed his wealth. Their investigation revealed that Trump is not a self-made millionaire, as many suspected. Instead, he likely engaged in fraudulent activities to save hundreds of millions of dollars in taxes by inheriting his father's wealth. According to the Times' investigation, Trump received at least $413 million from his father's real estate empire, starting from a young age and continuing to the present. The reporters discovered that Trump and his siblings created a sham corporation to hide millions of dollars in gifts from their parents. They also found evidence indicating that Trump helped his father take improper tax deductions worth millions more. Furthermore, Trump assisted in undervaluing his parents' real estate holdings by hundreds of millions of dollars on tax returns, resulting in a significantly reduced tax bill when the properties were transferred to him and his siblings. Contrary to previous claims, it was not just a small loan of one million dollars that Trump received from his father. The actual amount was $14 million, and he did not fully repay it with interest as he previously stated. Additionally, Trump's father illegally purchased three and a half million dollars' worth of chips from one of Trump's casinos to bail him out, leading to legal consequences. The New York Times acknowledged the significant contributions of seasoned journalists such as Wayne Barrett and David Cay Johnston, who had been uncovering Trump's wrongdoings before. Overall, the investigation uncovered a wealth accumulation by Donald Trump that far exceeded previous estimations, including both legal and potentially illegal means of acquiring and preserving his fortune.
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Political organization taxable income Form: What You Should Know
Political organizations can also report to the California State Board of Equalization the 100 specific item deduction in a separate Form 1120-POL for taxable income of 50,000 or less.
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