Flashback: After a Sweet Deal With Dad, Eric Trump Assembles a Valuable Penthouse

[demmiblue]

The president’s son is combining three apartments overlooking Manhattan’s Central Park — one of them bought at a steep discount from his father — to create 2,400 square feet worth considerably more than he paid.

President Donald Trump’s son Eric is preparing to capitalize on a windfall he received from his father during the presidential campaign: He’s combining three luxury Manhattan high-rise apartments, one of which he purchased at a throwaway price from his father, into one potentially lucrative penthouse.

In the spring of 2016, Eric Trump got a great deal from his father. He bought two previously unsold condominium apartments at Trump Parc East for just $350,000 each, about half of the price they had recently been listed for.

Such bargain basement sales are usually treated as gifts by the IRS. But they might not have been taxed that way, tax experts said, because of advantages available only to real estate developers.

Last month, Eric transferred ownership of one of the condos — unit 14G — and two other adjacent apartments he owns into a new entity called 100 CPS Penthouse LLC.

https://www.propublica.org/article/after-a-sweet-deal-with-dad-eric-trump-assembles-a-valuable-penthouse

[czarjak]

1. Nothing to see here?