Thread by @Monaheart1229

A bit of a rundown on the SDNY civil suit against the Trump Foundation, and where the NYAG referred for potential criminal charges. Pay attention to this, I really think that it'll be crucial. #SaturdayMorning
cnn.it/2t9XY5T

2/"...The most serious state charge is essentially the basket of violations of the duty of care as reflected in the purchase of paintings to decorate Trump resorts, the use of foundation funds to settle lawsuit disputes between the Trump Organization and various third parties,

3/"the use of foundation assets to support Donald Trump's political campaign and, finally, the misreporting of the preceding on the foundation's federal Form 990-PF return, which New York law also requires to be filed with the New York attorney general. It should be noted,

4/" however, that the facts described in the petition have analogs in federal tax law, where the same transgressions that are outlined in the petition could trigger civil tax penalty excise taxes, revocation of tax-exempt status and potentially the application of the

5/""termination tax" under section 507 of the Internal Revenue Code which authorizes the IRS in cases of repeated, flagrant violation of the rules for foundation behavior, to levy a tax equivalent to 100% of the assets of the foundation. Of course, the New York attorney general

6/"has asked that the foundation be dissolved and its assets transferred to other charities. Finally, the filing of knowingly false or inaccurate Form 990 federal tax returns has triggered criminal sanctions in at least five or six cases in the last 10 years. The charges in those

7/"case included conspiracy to defraud the United States, the making false statements on tax returns and the aiding and abetting of the filing of a false tax return. The penalties can include substantial fines and jail time."

8/"... With regard to federal issues, the IRS will have to decide whether to move for civil penalty excise tax sanctions against the foundation and its board or whether the criminal aspects will become a factor in Robert Mueller's investigation,

9/"thus leading to suspension of any federal civil tax investigation pending resolution of the criminal case." And then of course, there is the referral that AG Underwood made to the Federal Election Commission bc Trump funneled campaign funds thru this foundation....