Tags: donald trump | business | ties | legal | structure

NYT: Trump Weighs 'Legal Structure' to Keep Stake in Businesses

NYT: Trump Weighs 'Legal Structure' to Keep Stake in Businesses

(AP)

By    |   Wednesday, 07 December 2016 09:38 PM EST

Donald Trump is considering a "legal structure" that would put his two sons in charge of running his real estate company but would allow the president-elect to keep a stake in his business, according to news reports.

In addition, Ivanka Trump would take a leave of absence from the Trump Organization under the plan, The New York Times reports, citing "several people briefed on the discussions."

But the president-elect oldest daughter must also decide how she would separate her own apparel and licensing businesses before leaving her father's company, according to the report.

Ivanka, Donald Jr. and Eric Trump are executive vice presidents for the Trump Organization, having grown up in their father's company.

They have expressed concerns about appearances of impropriety as their father continues to form his administration, the Times reports.

The Trumps continue to face increasing pressure to ensure that the lines are clear between the White House and the president-elect's business interests.

According to one person interviewed by the Times, the "legal structure" would break Trump and his oldest daughter from the company.

No plan has been made final, however, and Trump has said that he would announce his program on Dec. 15 for "leaving my great business in total in order to fully focus on running the country."

Aides for both Ivanka Trump and the president-elect's transition team declined to comment on the Times report.

Further, some Trump transition members have privately expressed worries that foreign and domestic interests could seek to curry favor with Trump through business deals though his sons — ultimately benefiting the president-elect.

The Office of Government Ethics has told Trump's lawyers that only a divestiture would resolve ethical concerns, the Times reports.

Under federal law, government employees cannot make decisions on their financial interests except the president and vice president.

Trump's reticence for selling off his interests stems from tax-liability concerns, another person briefed on the plan told the Times.

According to the report, government officials may defer capital gains taxes on assets sold to avoid conflicts, but they must reinvest the proceeds in government securities or mutual funds approved by federal law.

But taxes on those sales would be due if those assets are sold after the official leaves office, the Times reports.

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Politics
Donald Trump is considering a "legal structure" that would put his two sons in charge of running his real estate company but would allow the president-elect to keep a stake in his business, according to news reports.
donald trump, business, ties, legal, structure
373
2016-38-07
Wednesday, 07 December 2016 09:38 PM
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