Federal prosecutors demand Trump’s tax returns

Trump's legal team claims they will take the case all the way to the Supreme Court.
3:50 | 11/04/19

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Transcript for Federal prosecutors demand Trump’s tax returns
I to a major development today in a fight over president Trump's tax returns the president as you know is the first president in modern times not to release his returns to the public. But today a unanimous federal appeals court said Trump's accounting firm has to supply the eight years of returns. I've requested by New York prosecutors in investigation they are doing in a possible financial crimes. Our senior investigator reporter Aaron good terse he is in New York he's been on the story today joins me on the phone an errant. It would take a step Packers are why are New York prosecutors looking for these returns were they trying to find. Given these returns are being sought by the Manhattan district attorney's up as part of an investigation. In two hush payments made it stormy Daniels. And Karen McDougal to women who have alleged. Long denied it bears would president trump before the campaign. And the question is whether those payments may have violated any state law. Related to also applying business records we know Michael Cohen. Went as an overdose hush payments for violating campaign finance law without court a federal investigation ended. And now Manhattan prosecutors are looking into any state law violation. And they say they need those tax returns to determine if there was an Iran doing meanwhile Jordan Phelps the White House says the president. While in office is immune from any criminal prosecution but. There's sort of a catch here right in it in their appeals court's decision today they see this isn't actually about the president but it's about his accounting for. Yet DeVon built with the White House in the president's personal whereas making this really sweeping argument here that the president is totally immune because they say. Up his rare constitutional responsibilities as a president from any sort of prosecution while he's an office. That we heard for the president's personal lawyer to a secular they are saying the decision of the second circuit will be taken to the Supreme Court. Issue raised in this case goes to the heart of our public that constitutional issues are seeking at a cant. So Devin this by no means the end of this legal argument the president's legal team when you continue fighting here taking this all the way to the Supreme Court DeVon. An air looking ahead to the United States Supreme Court. You know what what indications do you have about how. This will be dealt with there what will the justices look at when they get on this case before them. We'll look I don't think it's a foregone conclusion don't necessarily take shirt and an actually here now of course they'll be hard pressed to. Because it comes directly from the White House. And from president crohn's legal. But there are some real interesting constitutional. Questions hurt the federal appeals court whole heartedly rejected. But at the blanket immunity that corrected and trump was claiming front and each step along the way of a criminal process. We know the Justice Department who leaves a sitting president cannot be indicted but the federal appeals court says you know a subpoena for tax returns. Is a long way. From an indictment and it was a perfectly legitimate requests so we'll see if the Supreme Court agrees and and you really is no precedent here. Clinton vs Paula Jones what's a civil matter Richard Nixon even was forced to turn over. White House tapes as you note Devean so there is some precedent. For a president being forced to comply with subpoenas but how much immunity sitting president might have and are more art. Of criminal procedure that may be new ground for the Supreme Court if they decide to take up the case. If it makes it there but a significant development nonetheless and this federal appeals court unanimously ruling the president does have to turn over. Eight years of returns Erica durst here senior investigative reporter thank you so much shorn Phelps. I think you from the White House.

This transcript has been automatically generated and may not be 100% accurate.

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