Trump has never explained this mysterious $50 million loan. Is it evidence of tax fraud? - 2019-09-05

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F1.png Trump has never explained this mysterious $50 million loan. Is it evidence of tax fraud? September 5, 2019, Russ Choma, Mother Jones

Donald Trump's massive debts—he owes hundreds of millions of dollars—are the subject of continuous congressional and journalistic scrutiny. But for years, one Trump loan has been particularly mystifying: a debt of more than $50 million that Trump claims he owes to one of his own companies. According to tax and financial experts, the loan, which Trump has never fully explained, might be part of a controversial tax avoidance scheme known as debt parking. Yet a Mother Jones investigation has uncovered information that raises questions about the very existence of this loan, presenting the possibility that this debt was concocted as a ploy to evade income taxes—a move that could constitute tax fraud.

Here's what is publicly known about this mystery debt: On the personal financial disclosure forms that Trump must file each year as president, he has divulged that he owes "over $50 million" to a company called Chicago Unit Acquisition LLC. The forms note that this entity is fully owned by Trump. In other words, Trump owes a large chunk of money to a company he controls.

"We don't assess any value to it because we don't care," Trump said of the loan. "I have the mortgage. That is all there is. Very simple. I am the bank."

Wikipedia cite:
{{cite news | first = Russ | last = Choma | title = Trump has never explained this mysterious $50 million loan. Is it evidence of tax fraud? | url = https://www.motherjones.com/politics/2019/09/donald-trump-has-never-explained-a-mysterious-50-million-chicago-unit-acquisition-loan-is-it-evidence-of-tax-fraud/ | work = Mother Jones | date = September 5, 2019 | accessdate = March 8, 2020 }}