Funds Left in PAC

[AZ-Tax]

Did you watch the Colbert Report for Nov 12,2012. Colbert has a Super PAC and his Atty is Trevor Potter, former FEC Atty and former McCain campaign Atty. I guess there is $800K left in his Super PAC. Colbert obviously knew the rules but asked Trevor if he can secretly keep the $800K. Trevor replied yes and to do this, the $800K is transferred to the 501(c)4 with an “Agency Letter” for which the Super PAC instructs the 501(c)4 what to do with the money. In this case the IRS does not consider that money ever to be in the 501(c)4 and does not end up on the Tax Return. So it sounds like Colbert would receive $800K tax free.

http://www.colbertnation.com/

[DaveO]

It makes you wonder how many “legitimate politicians” (I know that’s an oxymoron) have employed this trick already.

[Burke]

Did you watch the Colbert Report for Nov 12,2012. Colbert has a Super PAC and his Atty is Trevor Potter, former FEC Atty and former McCain campaign Atty. I guess there is $800K left in his Super PAC. Colbert obviously knew the rules but asked Trevor if he can secretly keep the $800K. Trevor replied yes and to do this, the $800K is transferred to the 501(c)4 with an “Agency Letter” for which the Super PAC instructs the 501(c)4 what to do with the money. In this case the IRS does not consider that money ever to be in the 501(c)4 and does not end up on the Tax Return. So it sounds like Colbert would receive $800K tax free. http://www.colbertnation.com/

I am not following this at all, but unfortunately, the link has already updated to 11/19/12. How can I access the prior one?

[AZ-Tax]

Burke, go to Hulu

I am not following this at all, but unfortunately, the link has already updated to 11/19/12. How can I access the prior one?

Burke, go to www.hulu.com Enter Colbert and you should be able to select the view date of Nov 12, 2012.