President Trump's settlement with the Justice and Treasury Departments likely erased a long-running IRS audit that threatened more than $100 million in penalties. The dispute centered on a $72.9 million tax refund Trump claimed starting around 2010, tied to losses from his greatest earning years on "The Apprentice."

The IRS had argued Trump double-counted losses from his failing casinos and his money-losing Chicago tower, where he reported up to $651 million in 2008 alone. Trump's sons sued the agency for $10 billion over leaked tax filings, but the agreement sidesteps judicial review while freeing the family from pending IRS audits of prior returns.

Eric Trump told The Times the audit had been settled years ago but revived when his father ran for office. Trump repeatedly called the audit a "disgrace" during campaigns, using it to justify refusing to release his returns.