Trump Lawyers Detail 'Immaterial' Income From Russian Sources

Lawrence Kim
May 13, 2017

The letter, dated March 8, says that Trump earned $12.2 million through the Miss Universe pageant, which was hosted in Moscow in 2013.

It is dated as being from March 8th, 2017.

President Donald Trump's attorneys say his tax returns don't show "any income of any type from Russian sources" - "with a few exceptions". The law firm did not release copies of the returns, rendering its assessment of the documents impossible to verify independently.

But the letter acknowledges that there are three exceptions.

The lawyers also noted that he sold a home in Palm Beach, Florida, to a Russian buyer in 2008 for $95 million, $54 million more than he had purchased the home for in 2005.

The president said: "I said to myself, I said: 'You know, this Russian Federation thing with Trump and Russian Federation is a made up story, it's an excuse by the Democrats for having lost an election that they should've won'".

Trump has come under continuous scrutiny over his possible ties to Russian Federation which he has denied and is now also facing massive criticism for firing former Federal Bureau of Investigation (FBI) Director James B. Comey.

Republican Senator Lindsey Graham said on Tuesday he wanted to know more about Trump's business dealings with Russian Federation and meant to examine whether any connections existed between Russian Federation and the Trump campaign or the president's associates. The president has said he would release his returns when the Internal Revenue Service completes an audit.

But an outside tax lawyer reviewed it and concluded it is "unhelpful" if the goal is to fully gauge any potential Russian entanglements the president may have. On Thursday, Trump changed his story again, suggesting that he might release his returns after he leaves office. The deal was widely reported at the time.

In an interview with The Economist this week, Trump dismissed calls for his tax returns.

The tax returns also did not reflect any payments by Trump or his businesses to Russian lenders, any Trump investments in Russian firms or any investment by Russians in Trump's companies, the letter said. "The attorneys also write that over the last 10 years, it is likely that the Trump Organisation sold or rented condos, or other products, that 'could have produced income attributable to Russian sources". But they said those amounts were "immaterial" and would not have been identified on his tax records as coming from Russians.

Other reports by Click Lancashire

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