Buffett hits back at Trump over tax comments

Billionaire investor Warren Buffett denied on Monday an allegation by Republican presidential candidate Donald Trump that he, like Trump, had taken "a massive deduction" that allowed him to avoid federal income taxes.

Buffett said he paid about $1.85 million in income tax in 2015, and that returns for previous years were similar in respect to contributions, deductions and tax rates.

Buffett said he was being audited by the Internal Revenue Service but would have "no problem" in releasing his returns.

Trump has refused to release his tax returns, citing ongoing audits by the IRS.

(Reporting by Sruthi Shankar in Bengaluru; Editing by Ted Kerr)