Donald Trump has responded angrily to reports his businesses recorded more than $1bn in losses, explaining they did so to avoid paying tax.
In early morning tweets, the US president appeared to confirm much of what was detailed in an explosive report about his financial losses between 1985 and 1994, and claimed avoiding taxes among real estate developers was then considered "sport".
"Real estate developers in the 1980’s & 1990’s, more than 30 years ago, were entitled to massive write offs and depreciation which would, if one was actively building, show losses and tax losses in almost all cases," Mr Trump tweeted.
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"Much was non monetary. Sometimes considered 'tax shelter,' you would get it by building, or even buying. You always wanted to show losses for tax purposes....almost all real estate developers did - and often re-negotiate with banks, it was sport.
"Additionally, the very old information put out is a highly inaccurate Fake News hit job!"
Mr Trump's outburst followed a
New York Times story which detailed how tax information obtained by the newspaper showed the self-proclaimed billionaire
paid no income tax for eight out of 10 years detailed in the documents.
The newspaper said Mr Trump reported business losses of $46.1m (£35.4m) in 1985, and a total of $1.17bn (£900m) in losses for the 10-year period.