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They showed that Mr. Trump had.The year was 1985, and Mr. Trump appeared to be on top of the world.He was still riding high from the completion of his first few projects — the Grand Hyatt Hotel, Trump Tower and another Manhattan apartment building, and one Atlantic City casino. He broke with four decades of precedent in refusing to release any of his tax returns as a presidential candidate, and until now only a few pages of his returns have become public. Circuit Court of Appeals last month after a district court judge rejected their renewed efforts to invalidate a subpoena issued to his accounting firm. Read: What Trump’s 2005 tax returns reveal Trump already suffers from a wide and deep public-opinion disbelief in his integrity. The next day, The Journal reported that Mr. Trump’s gamble appeared to have netted him $55 million.It was a gross exaggeration. His core business losses in 1990 and 1991 — more than $250 million each year — were more than double those of the nearest taxpayers in the I.R.S. High-yield bonds, though less common today, were popular with institutional investors in the 1980s. The judge also said Trump's broad claims of absolute immunity could have adverse legal consequences. An occasional quote from an associate — including his stockbroker, Alan C. Greenberg — helped burnish the myth.“He has an appetite like a Rocky Mountain vulture,” Mr. Greenberg, the legendary chairman of Bear Stearns, told The Wall Street Journal in 1987. So while he has boasted of making large donations at the time, the information obtained by The Times shows no such itemized deductions. Before he was elected, he had promised to do so. Trump's tax returns have been the subject of speculation after he went back on a 2016 campaign promise to release them, breaking a four-decade tradition among … Mr. Trump’s losses over the years rolled into the $915.7 million free pass from income taxes — known as net operating loss — that appeared on his 1995 returns.The newly revealed tax information sheds light on how those net operating losses snowballed. That much has been known for years. And after vowing that “we’re fighting all the subpoenas” from House Democrats, the president has filed lawsuits against his banks and accounting firm to prevent them from turning over tax returns and other financial records.In New York, the attorney general’s office is investigating the financing of several major Trump Organization projects; Deutsche Bank has already begun turning over documents.The first of the two previous glimpses of the president’s tax returns came from his 1995 filings, pages of which were anonymously mailed to The Times in 2016. Trump also called The Times’s investigation “a highly inaccurate Fake News hit job!”.In “The Art of the Deal,” Mr. Trump points to one of his Atlantic City casinos to illustrate the magic of depreciation. Mr. Trump has said he sold it for $180 million in 1989. (That data does not include businesses, like most large corporations, that pay their taxes directly. But 10 years of tax information obtained by The New York Times paints a different, and far bleaker, picture of his deal-making abilities and financial condition.The data — printouts from Mr. Trump’s official Internal Revenue Service tax transcripts, with the figures from his federal tax form, the 1040, for the years 1985 to 1994 — represents the fullest and most detailed look to date at the president’s taxes, information he has kept from public view. "Certainly ... the President holds a unique position in the country's constitutional system, and hence merits utmost respect to check unjustified encroachment on presidential powers and duties, and so prevent impairing the President's ability to discharge executive branch functions," Marrero wrote in his 103-page opinion.But that does not mean the president should receive more special privilege in the judicial process than any other person, Marrero wrote, citing previous court rulings finding that a president must comply with subpoenas to produce unofficial records. It also confirmed significant findings using other public documents, along with confidential Trump family tax and financial records from.The White House’s response to the new findings has shifted over time.Several weeks ago, a senior official issued a statement saying: “The president got massive depreciation and tax shelter because of large-scale construction and subsidized developments. reported had been declared by individual taxpayers that year. That number grew to $5.5 million the next year, and $11.8 million the next. “But of course, what the grand jury is looking at is secret. The former vice president will square off with Donald Trump in November's presidential election.Steve Bannon: Prosecutors arrest ex-Trump adviser over fraud,Ex-US President Barack Obama lays into Trump in DNC speech.

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