US-UK tax firm picks Philly for HQ

"My gut reaction, if Trump were smart enough to get the losses allocated (to himself, instead of his creditors), they definitely could have stayed around this long," enabling him to pocket income tax-free ever since, Dutkiewicz told me.

As to the apparent long-running IRS audit, "he's either done this legitimately and he's winning the audits. Or else he lost and he paid -- that's probably a reason the IRS would still be looking at him."