New York Times: “The president’s federal income tax records, obtained by The New York Times, show for the first time that, since 2010, his lenders have forgiven about $287 million in debt that he failed to repay. The vast majority was related to the Chicago project. How Mr. Trump found trouble in Chicago, and maneuvered his way out of it, is a case study in doing business the Trump way. When the project encountered problems, he tried to walk away from his huge debts. For most individuals or businesses, that would have been a recipe for ruin. But tax-return data, other records and interviews show that rather than warring with a notoriously litigious and headline-seeking client, lenders cut Mr. Trump slack — exactly what he seemed to have been counting on. Big banks and hedge funds gave him years of extra time to repay his debts.”

“Even after Mr. Trump sued his largest lender, accusing it of preying on him, the bank agreed to lend him another $99 million — more than twice as much as was previously known — so that he could pay back what he still owed the bank on the defaulted Chicago loan, records show. Ultimately, Mr. Trump’s lenders forgave much of what he owed. Those forgiven debts are now part of a broader investigation of Mr. Trump’s business by the New York attorney general. They normally would have generated a big tax bill, since the Internal Revenue Service treats canceled debts as income. Yet as has often happened in his long career, Mr. Trump appears to have paid almost no federal income tax on that money, in part because of large losses in his other businesses, The Times’s analysis of his tax records found.”