Though the other Trump children benefited from their father’s financial maneuvers, Donald Trump would be given substantially more money over time. He had also assembled a phalanx of plugged-in real estate lawyers, property appraisers and tax accountants who protected his interests. “He is his own purchasing agent, cashier, paymaster, building superintendent, construction engineer and sales director,” the article said.
Instead of valuing them at $90.4 million, Fred and Donald Trump submitted appraisals putting them at $13.2 million. Fred Trump Jr.’s largest asset was his stake in seven of the eight buildings his father had transferred to his children. The Trumps would claim that those properties were worth $90.4 million when they finished converting them to cooperatives within a few years of his death. At that value, his stake could have generated an estate tax bill of nearly $10 million.
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Fred Trump was relentless and creative in finding ways to channel this wealth to his children. He provided money for his car, money for his employees, money to buy stocks, money for his first Manhattan offices and money to renovate those offices. The reporting makes clear that in every era of Mr. Trump’s life, his finances were deeply intertwined with, and dependent on, his father’s wealth.
The children bought the remaining third by making annuity payments to their parents over the next two years. By Nov. 22, 1997, it was done; the Trump children owned nearly all of Fred Trump’s empire free and clear of estate taxes. exploded to $49,638,928 — several times what he paid himself in other years in that era. Fred Trump, right, sought ways to transfer riches from his real estate empire to his children while dodging gift and estate taxes.
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- Within a year of the sale, Mr. Trump spent $149 million in cash on a rapid series of transactions that bolstered his billionaire bona fides.
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Even so, the Trumps’ tax bill was a fraction of what they would have owed had they reported the market value of what Fred and Mary Trump owned at the time of their deaths. The bulk of Fred Trump’s empire was nowhere to be found on his estate tax return. The empire was split up among the parents and children to create the impression that Fred Trump was a minority owner, decreasing its value on paper and minimizing taxes. Mr. Von Ancken claimed that they were worth less than nothing — negative $5.9 million, to be exact.
The richest Americans almost never pay anything close to full freight. But tax experts briefed on The Times’s findings said the Trumps appeared to have done more than exploit legal loopholes.