Property tax agency subpoenaed to appear in criminal investigation into Trump’s business dealings

  • Authorities are investigating whether Donald Trump has manipulated the value of his assets to obtain loans and tax benefits.
  • The Manhattan District Attorney’s Office has subpoenaed a property tax agency in connection with the criminal investigation.
  • This is just one of the many legal challenges Trump has faced since leaving office last month.
  • Visit the Insider home page for more stories.

The Manhattan District Attorney’s Office has subpoenaed a property tax agency in connection with a criminal investigation into the business dealings of former President Donald Trump, Reuters reported on Friday.

The New York City Tax Commission confirmed that it received the summons, which could likely result in the submission of detailed income and expense returns from the Trump Organization to the prosecutor’s office.

District Attorney Cyrus Vance Jr. is leading an ongoing investigation into Trump’s business to see if it inflated the value of its property to cut taxes.

Last year, The New York Times reported that Trump valued properties at vastly different amounts at different times.

For example, his Seven Springs estate, located north of New York City, was purchased in 1995 for $ 7.5 million. While trying to get a loan in 2014, Trump’s company valued it at $ 291 million (Rand 4.2 billion). On an ethical disclosure form in 2019, it was listed at $ 50 million (Rand 733 million).

Manhattan prosecutors previously subpoenaed Deutsche Bank, Trump’s main lender for decades, for documents that might point to potential fraud.

They also interviewed Michael Cohen, Trump’s former lawyer, on Thursday as part of the investigation, Reuters reported.

A separate investigation is also being conducted by a New York State official, Attorney General Letitia James. James is also examining Trump’s business, as well as his personal finances, as part of an ongoing civil investigation into whether the former president manipulated the value of his assets for loan and tax purposes.

While there is an overlap in what the two surveys examine, they are conducted independently.

They are also just a fraction of the legal issues Trump faces now that he has stepped down, Insider’s Dave Levinthal reported.

Esther L. Steinbach