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The reduced tax bills of the president's son-in-law and the advisor result from a joint maneuver aimed at reducing taxes to a minimum, and there is nothing in the documents to suggest that Kushner or his company at the time broke the law. , the Times reported, citing confidential documents examined.
The US tax code allows real estate investors such as Kushner, whose family-owned company, Kushner Companies, has spent billions of dollars in real estate over the past decade, to amortize the depreciation or devaluation of real estate because of use or wear.
The documents obtained by The Times show that, year after year, Kushner has recorded millions of dollars in losses, largely due to a "significant depreciation," which seemed to erode his taxable income.
The law of depreciation assumes that the value of real estate diminishes every year, although often the value of property actually increases. The provision is intended to protect property developers from diminishing the value of their investment from the wear and tear of their buildings, but in practice there are lucrative gifts for developers.
Peter Mirijanian, a spokesman for Kushner's attorney, Father Lowell, said "that it would not respond to assumptions derived from documents that provide an incomplete picture and that were obtained in violation of the law and standard confidentiality agreements.Many lawyers and accountants, Mr. Kushner, properly classified and paid all taxes due under the law and regulations, "reported the Times.
Mirijanian added that Mr. Kushner "avoided any work likely to pose a conflict of interest" on tax legislation.
Representatives of the White House and Kushner Companies have not responded to the Times' requests for comment, the newspaper reported.
Trump rejected this report published by the Times on Oct. 2 in a tweet, calling it "very old, boring and often said," but he did not dispute any of his findings.
Trump's lawyer, Charles Harder, responded to the Times in a statement after the newspaper had sent a description of his findings during the investigation.
"The allegations of fraud and tax evasion made by the New York Times are 100% false and highly defamatory," Harder said, according to the newspaper. "No one has committed fraud or tax evasion The facts on which the Times bases its false allegations are extremely inaccurate."
CNN's Erica Orden and Cristina Alesci contributed to this report.
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