Ron Galella | Ron Galella Collection | Getty Images
Fred Trump and Donald Trump attend 38th Annual Horatio Alger Awards Dinner on May 10, 1985 at the Waldorf Hotel in New York City.
New York state tax officials are investigating allegations detailed in an exhaustive New York Times investigation into Donald Trump and his family’s business dealings.
The Times reported on Tuesday that Trump and his family committed “instances of outright fraud” in order to transfer millions of dollars from the real estate empire of the president’s father, Fred Trump, to his children without paying the appropriate taxes.
“The Tax Department is reviewing the allegations in the NYT article and is vigorously pursuing all appropriate avenues of investigation,” a spokesman from the New York State Department of Taxation and Finance said in an email to CNBC.
Representatives from the White House and the Trump Organization did not return requests for comment.
In a statement to the Times, Trump lawyer Charles Harder denied any allegations of fraud and tax evasion, saying “the facts upon which The Times bases its allegations are extremely inaccurate.”
White House press secretary Sarah Huckabee Sanders, in her response to the Times, backed up Trump’s claims about his wealth, repeating the story that he took a $1 million loan from his father and paid it back. Trump said numerous times as a presidential candidate that he had received the “very small” $1 million loan from his father. But the newspaper’s investigation found that Trump had actually been lent at least $60.7 million.
The article claims the Trump family committed “instances of outright fraud,” with the president himself receiving today’s equivalent of $413 million from the real estate holdings of his father, the Times reported while citing 100,000 documents and interviews with former family associates.