Trump’s Taxes: No income from Russian sources .. except…

The Associated Press reported Friday that President Trump’s lawyers released a letter saying that their review of his last 10 years of tax returns do not show “any income of any type from Russian sources,” although Trump did receive money from activities that happened to have Russian ties.

The letter says there is no equity investment by Russians in entities controlled by Trump or debt owed by Trump to Russian lenders. It does reflect income from the 2013 Miss Universe pageant held in Moscow and a property sold to a Russian billionaire in 2008 for $95 million.

The attorneys also write that, it is likely that the Trump Organization sold or rented condos, or other products, that “could have produced income attributable to Russian sources.” But that “the amounts are immaterial.”

The letter, written by attorneys Sheri Dillon and William Nelson from the law firm of Morgan, Lewis & Bockius LLP, is the result of a request by Senator Lindsey Graham’s request (R-SC) as part of his committee’s investigation into alleged Russian interference in the 2016 election.

The letter is unlikely to quell Democrats obsessive demands for Trump to release his tax returns. But it is a good indication that if the president does release them, there won’t be much to see.

“I have no investments in Russia, none whatsoever,” Trump said Thursday in an interview with NBC News. “I don’t have property in Russia. A lot of people thought I owned office buildings in Moscow. I don’t have property in Russia.”

Full Text of the Letter from Trump’s Lawyers on his taxes