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

[Fredric Woocher]

Constitutionally protected "speech," yes.  But wouldn't taking a tax
deduction for these expenditures as a "business expense" make them
taxpayer-subsidized?  I don't think the Constitution requires that.
 
Fredric D. Woocher
Strumwasser & Woocher LLP
10940 Wilshire Blvd., Ste. 2000
Los Angeles, CA 90024
fwoocher at strumwooch.com
(310) 576-1233
 

________________________________

From: law-election-bounces at department-lists.uci.edu
[mailto:law-election-bounces at department-lists.uci.edu] On Behalf Of
Volokh, Eugene
Sent: Wednesday, September 28, 2011 10:07 AM
To: law-election at uci.edu
Subject: Re: [EL] Treatment of political contributions on a company's
financial books



               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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