The findings of the report shed light on Trump's business career as he seeks to regain the White House after his loss in the 2020 election.

Despite the tradition of past presidential candidates releasing their tax filings, Trump has refused to do so, leaving the public with limited information. However, details have emerged from previous reporting by the Times and through records released by Democrats on the House Ways and Means Committee in 2022.

According to the tax records cited in the report, Trump allegedly took advantage of double-dipping on tax losses associated with the Chicago property. Initially, he reported losses of $658 million in his 2008 filings, claiming that the property was "worthless" due to disappointing condominium sales and vacant retail space during the U.S. recession. However, in 2010, Trump reportedly transferred ownership of the property to another company under his control, allowing him to claim an additional $168 million in losses over the next decade.

The report does not provide any updates on the current status of the IRS inquiry, but it suggests that if Trump were to lose the audit battle, he could potentially owe more than $100 million, including penalties.

In response to the report, Trump's presidential campaign issued a statement on behalf of his son Eric Trump, asserting that the IRS inquiry had been settled years ago and was only rehashed when Trump ran for office. The statement further expressed confidence in their position.

This latest development comes as Trump continues to face legal challenges. In February, a New York judge ruled that Trump, his company, and top executives had lied about his wealth on financial statements, deceiving banks and insurers. Trump is currently appealing the judgment after posting a $175 million bond in April to halt the collection of the $454 million he owes.

President Joe Biden, a Democrat, has criticized Trump for his alleged reluctance to pay taxes. The Biden administration has increased IRS funding to ensure audits of the ultra-wealthy and improve compliance with the federal tax code. However, the Trump campaign opposes this additional funding, with Trump himself advocating to extend the 2017 tax cuts, which are set to expire after 2025.

The outcome of the IRS audit and subsequent implications for Trump's finances and political future remain to be seen. As the situation unfolds, it is likely to further ignite debates surrounding the transparency of presidential candidates' tax filings and the financial practices of high-profile individuals in the United States.