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The Trump Foundation Is Closing After Admitting It Broke IRS Rules

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The Trump Foundation Is Closing After Admitting It Broke IRS Rules
Then-President-elect Trump said in December he would close down the foundation.
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The Donald J. Trump Foundation is shutting down after admitting to "self-dealing."

Then-President-elect Donald Trump agreed to shut down his namesake charity organization in December last year.

That was after the foundation acknowledged to the IRS that it had transferred money or assets to benefit someone with ties to the charity — such as a Trump family member.

The Trump Foundation has run afoul of the IRS before by contributing to the political campaign of Florida's Attorney General Pam Bondi. Afterward, Bondi dropped a potential investigation of Trump University.

The Trump Foundation had to pay a penalty for making a political contribution, which it's prohibited from doing as a tax-exempt charity organization.