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Trump Tower tax and bank records show inconsistencies

President Donald Trump is undoubtedly the most famous real estate owner in the United States, and his tax and financial records have been an object of intense scrutiny for tax officials in New York and for the president's political opponents. A recent report shows that income information for Trump Tower in New York City reveals that the president has submitted inconsistent information concerning the income generated by what is generally regarded as the his flagship property.

The irony of the disclosures is the fact that the alleged inconsistencies in the financial information are not very different from inconsistencies found in financial disclosures made by a number of real property owners and investors. According to the report, the inconsistencies involved occupancy rates for Trump Tower. In December 2011 and June 2012, the occupancy rate for Trump Tower's commercial space was listed over three consecutive years as 11, 16 and 16 percentage points higher in submissions to potential lenders than in disclosures to New York state tax officials. In submissions to lenders, the Trump Organization stated that the rate of occupancy for commercial space was 99% and 98.7% for December and June 2012. In tax filings covering the same period, Trump's business said that the commercial occupancy rate was 83% in January 2012 and the same one year later.

Experts who examined the records said that the discrepancy constituted "a very significant difference." The Trump Organization discounted the comparison by saying that the various reports are subject to different reporting requirements and do not reflect a true comparison.

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