According to the Times, the refund—and sit down because this is probably going to come as a shock— may not have been entirely above board. That’s because when Trump applied for it, he cited a huge financial loss that appears to be related to the failure of his Atlantic City casinos, which he publicly walked away from after a dispute with his bondholders, claiming that his partnerships interest were “worthless and lack potential to regain value.” Federal law states that investors can declare a total loss on an investment, as Trump did, but if an only if they receive absolutely nothing in return. And in the case of Trump, he did get something: 5 percent of the new casino that was created after he dumped his stake. Incidentally, when Trump claims that he can’t release his tax returns because he’s being audited, that’s only half true: as tax experts

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