Business Insider Interviews Beth Kaufman on Possible Roadblocks Facing Investigators in Trump Tax Allegations
Following a bombshell New York Times report , the New York State Department of Taxation and Finance said the agency would open an investigation into President Donald Trump's family wealth and allegations of shady business practices, including what the Times characterized as "outright fraud."
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Legal experts say investigators would not be able to look into most of the allegations in the story because of the statute of limitations on estate and gift tax audits.
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But in some circumstances, the statute of limitations may not apply, said Beth Kaufman, a member in the law firm Caplin & Drysdale who has experience in estate planning.
"For many of the federal tax issues, the question would be whether the government could prove fraud, because there is no statute of limitations that applies if there is fraud," Kaufman told Business Insider via email.
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"The loans from Fred to Donald that were later deemed paid when Fred took an interest in one of Donald's entities, which he later sold back to Donald at a bargain price," Kaufman said. "This series of transactions raises significant gift tax issues."
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"In such an old case, this would be a high bar for the government to overcome," Kaufman said.
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Excerpt taken from the article “The New York Times Investigation Into Trump's Business Empire Could Land the President in Hot Water, Legal Experts Say” by Bob Bryan for The Business Insider.