But when Kushner prepared an ethics plan ahead of joining the White House as a top adviser to his father-in-law, President Trump, he drew a curious distinction between the two projects. He sold his stake in one while keeping his share of up to $5 million in the other.

Kushner, 36, who is emerging as a singularly powerful figure in the Trump White House, is keeping nearly 90 percent of his vast real estate holdings even after resigning from the family business and pledging a clear divide between his private interests and public duties.

The value of his retained real estate interests is between $132 million and $407 million and could leave him in a position to financially benefit from his family’s business.

The documents reflect the opaque decisions that Kushner and his attorneys made to allow him to keep much of his outside investments while seeking to remain within the boundaries that government ethics officials would find acceptable.