[EL] Treatment of political contributions on a company's financial books

[Volokh, Eugene]

               I take it this refers largely to independent political expenditures, or to contributions to independent organizations that make such expenditures, since Citizens United did not strike down the ban on direct contributions to candidates.  And I would think such an independent expenditure supporting or opposing a candidate would be treated the same way as independent expenditures supporting or opposing ballot measures, which have long been seen as constitutionally protected, no?

               Eugene

From: law-election-bounces at department-lists.uci.edu [mailto:law-election-bounces at department-lists.uci.edu] On Behalf Of Ellen Aprill
Sent: Wednesday, September 28, 2011 10:04 AM
To: law-election at uci.edu
Subject: [EL] Treatment of political contributions on a company's financial books

As has been discussed on this list, Section 162(e) makes these amounts nondeductible for tax purposes.  Especially now that Citizens United has held that corporations can make political contributions and in light of the Super-Pacs, I was hoping that someone on the list knows how auditors treat these amounts for purposes of financial reporting.
Thanks.

   Ellen
--
Ellen P. Aprill
John E. Anderson Professor of Tax Law
Loyola Law School
919 Albany Street
Los Angeles, CA 90015
213-736-1157

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