Rudy Giuliani, a key adviser to Donald Trump on Sunday, October 2, called the Republican presidential candidate a "genius" and suggested Trump hasn't released his taxes due to concerns people might misinterpret them, a day after a New York Times report suggested Trump may have been able to avoid paying taxes for up nearly two decades.

Trump declared a $916 million loss on his 1995 income tax returns and the large tax deduction may have allowed him to avoid paying federal income taxes for up to 18 years, the New York Times reported on Saturday, October 1.

"We are talking about 21 years ago, and if you didn't take advantage of it, he would have been sued. And that's why maybe somebody doesn't want to put out their tax returns because somebody will distort it that way. I mean, the reality is he's a genius," Giuliani, a former mayor of New York City said on NBC's "Meet the Press."

Giuliani sought to frame the loss as a tale of triumph, likening Trump to Apple founder Steve Jobs and Winston Churchill.

"He did something we admire in America. He came back."

Trump's familiarity with the tax code would make him better suited to reform it and remove loopholes, Giuliani said.

"He understands the tax code better than anyone else," Giuliani said, adding, "a lot of the people that are poor take advantage of loopholes and pay no taxes. Those are loopholes also."

The Times said that although Trump's taxable income in subsequent years is as yet unknown, a $916 million loss in 1995 would have been large enough to wipe out more than $50 million a year in taxable income over 18 years.

While it is legal for Trump to have possibly avoided paying federal incomes taxes due to the declared loss, his refusal to release his tax records, something all presidential nominees in modern history have done, raises concerns about his business practices and possible conflicts of interest.