US President-elect Donald Trump says he will dissolve his charitable foundation, called the Trump Foundation before assuming office on January 20, 2017. The future president released a statement on Saturday, saying he would pursue his “strong interest in philanthropy in other ways." In 2007, Trump used the foundation’s money to pay for a 6-foot painting of himself that his wife purchased at an auction, in violation of regulations by US tax authority, the Internal Revenue Service (IRS), which prohibits a charity’s officers from using the group’s funds to purchase things for their own benefit. A Washington Post report concluded in September that the foundation is “a charity that allowed a rich man to be philanthropic for free.”
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