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Trump vs. JFK: How similar is GOP nominee to Kennedy?
Mike Moffitt
,SFGATE
July 20, 2016
Updated: July 20, 2016 7:59 a.m.
Trump's millions: Takeaways from the New York Times investigation
Donald Trump and father Fred Trump at opening of Wollman Rink. The elder Trump supported his son heavily, the New York Times found.
New York Daily News Archive/NY Daily News via Getty Images
ALBANY — A New York Times story outlining potentially "dubious tax schemes" by President Donald Trump has drawn the attention of state officials.
Citing confidential tax returns and financial records, the special investigation reported that Trump and his siblings allegedly used sham corporations to hide millions of dollars in gifts from their parents, helped their father take improper tax deductions, and developed a plan to undervalue real estate holdings by hundreds of millions of dollars to reduce their tax burdens.
"The president's parents, Fred and Mary Trump, transferred well over $1 billion in wealth to their children, which could have produced a tax bill of at least $550 million under the 55 percent tax rate then imposed on gifts and inheritances," the story reported. "The Trumps paid a total of $52.2 million, or about 5 percent, tax records show."
Trump declined to comment on the story, but his attorney told the Times the reporting was "false." The White House issued a response late Tuesday calling the story a "misleading attack against the Trump family by the failing New York Times. Many decades ago the IRS reviewed and signed off on these transactions."
The state Department of Taxation and Finance, which is already looking into the Trump Foundation and the president's business interests, is following up on the Times' reporting.
"The tax department is reviewing the allegations in the New York Times article and is vigorously pursuing all appropriate avenues of investigation," said tax department spokesman James Gazzale.
Last month, investigators from the tax department interviewed Michael Cohen, who is assisting in investigations into his former boss.
In June, state Attorney General Barbara Underwood brought a lawsuit against the Trump Foundation, the president and his children. The action claims the nonprofit organization served as the personal piggy bank for the president's businesses, legal bills and presidential campaign.
David.Lombardo@timesunion.com - 518.454.5427 - @poozer87