Taxation of Political Contributions
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Authors
Birmingham, Edward J.
Peartree, Patrick J.
Issue Date
1974
Volume
7
Issue
Type
Journal Article
Language
Keywords
Alternative Title
Abstract
INTRODUCTION|During the 1972 presidential campaign many persons contributed appreciated property to a political candidate or political party. As the result of such practices, several tax questions arose and the entire tax law on political contributions is now under review by Congress. Political committees, for example, were generally thought to be exempt from taxation and exempt from tax filing requirements prior to October 3, 1972. However, the Internal Revenue Service [Service] has taken administrative action on these and other questions, culminating in the publication of two Revenue Rulings (74-21 and 74-23) in early 1974 which drastically change the tax rules in this area. The Treasury Department has also submitted the entire matter to Congress and it is likely that the new administrative rules will be either superseded or modified by new legislation. The Service appears willing to await Congressional action as it has extended the filing date under the new rules to September 15, 1974. This delay was granted pursuant to a request by Wilbur Mills, (D. Ark.) Chairman of the House Ways and Means Committee, who asserted that his committee would actively consider legislation. Should Congress fail to act, the new Revenue Ruling will, of course, become law....
Description
Citation
7 Creighton L. Rev. 554 (1973-1974)
Publisher
Creighton University School of Law