Former President Donald Trump is embroiled in a significant tax dispute with the IRS, centering on the Trump International Hotel and Tower in Chicago. This legal battle could result in a tax bill exceeding $100 million, highlighting the intricate financial strategies employed in the troubled $1.2 billion skyscraper project. The IRS audit focuses on contentious deductions Trump claimed by declaring the tower “worthless,” potentially violating tax laws. This case not only impacts Trump’s finances but also raises broader questions about financial ethics and the use of partnership tax benefits, setting a precedent for future tax law assessments.
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