Trump’s $21M Tax Break For Saving Forest Outside NY Mansion Under Investigation
The New York attorney general is investigating the $21 million tax break President Donald Trump received for preserving more than 150 acres of forest on his Seven Springs estate, according to The Washington Post.
The size of Trump’s tax windfall was set by a 2016 appraisal that valued Seven Springs at $56.5 million — more than double the value assessed by the three Westchester county towns that each contained a piece of the property.
New York Attorney General Letitia James (D) is investigating whether the Trump Organization improperly inflated the value of Seven Springs as part of the conservation easement on the property, according to filings in the case in August. The investigation also scrutinizes valuations, tax burdens and conservation easements at Trump’s holdings in Los Angeles, Chicago and New York City.
According to the report, the president’s son, Eric Trump, sat for a deposition in the case on Monday.
The appraisal, which was obtained by The Post, “appears to have relied on unsupported assertions and misleading conclusions that boosted the value of Trump’s charitable gift — and his tax break, according to two independent appraisers who reviewed the document at The Post’s request,” the newspaper reported.