Donald Trump's Suspicious $48 Million Debt Raises Eyebrows, Looks Awfully Like 'Tax Evasion,' Says Report

A new report has brought to light allegations of tax evasion linked to former President Donald Trump, marking a significant turn in ongoing business investigations against him. 

The findings, revealed by Barbara Jones, a former judge and the current special monitor of the case, point to potential financial misconduct within Trump's business dealings, reported The Daily Beast. 

In a letter written to Justice Arthur Engoron of the Manhattan Supreme Court on Friday, Jones identified several irregularities in the financial documents provided by the Trump Organization. 

One critical detail in the letter's footnote, for example, implied that Trump may have avoided taxes on a substantial income of $48 million. The letter points to a purported $48 million loan to Chicago Unit Acquisition LLC, a Trump-owned company, which now appears to be non-existent.

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This has cast doubt on the integrity of Trump's financial disclosures to government bodies like the Office of Government Ethics (OGE) as well as his company's financial statements.

Responding to these allegations, Alan Garten, a lawyer for the Trump Organization, told the Daily Beast that an "internal loan" did indeed exist. He criticized the monitor's letter for inaccuracies and pledged to address these issues in court.

However, as of last October, Trump's recent financial disclosures contradict Garten's claims, showing a debt exceeding $50 million to Chicago Unit Acquisition LLC.

The potential implications of these inconsistencies are substantial. Tax attorney Martin Lobel told the outlet that these findings could signify tax evasion.

The $48 million at the center of this controversy has been previously scrutinized. In 2016, Trump disclosed to The New York Times about acquiring an outstanding loan and opting to maintain the debt, a strategy that Mother Jones in 2019 reported as a possible tactic to evade income taxes on forgiven debt.

Legal experts like Georgetown University law professor Adam Levitin have previously labeled such financial strategies as "pretty brazen."

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This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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