Post by Logan on Mar 18, 2016 13:57:18 GMT -6
TRENTON — Public records show Republican presidential front-runner Donald Trump was able to deduct $39.1 million from his 2005 federal income taxes because he promised not to build houses at his golf club in Somerset County, according to a report by the Wall Street Journal.
An appraisal determined that Trump National Bedminister was worth $49.5 million if it could be broken into 33 lots but only $10.4 million as a golf course, according to the report.
Tax law allows property owners to impose permanent conservation restrictions and then claim charitable deductions for the reduction in value, the report said.
Trump, the billionaire businessman and former Atlantic City casino magnate, later built a second golf course on the property.
Read more: www.nj.com/politics/index.ssf/2016/03/trump_got_big_tax_break_because_of_nj_golf_club_re.html
An appraisal determined that Trump National Bedminister was worth $49.5 million if it could be broken into 33 lots but only $10.4 million as a golf course, according to the report.
Tax law allows property owners to impose permanent conservation restrictions and then claim charitable deductions for the reduction in value, the report said.
Trump, the billionaire businessman and former Atlantic City casino magnate, later built a second golf course on the property.
Read more: www.nj.com/politics/index.ssf/2016/03/trump_got_big_tax_break_because_of_nj_golf_club_re.html