Perspective
Jul. 16, 2011
IRS halts investigation of anonymous political contributions
Until further notice, contributions to tax-exempt organizations will not be subject to the gift tax. By Timothy J. Kay, Kory A. Langhofer and Craig R. McPike of Snell & Wilmer LLP
In early 2011, the Internal Revenue Service began investigating the contributions of five individuals to tax-exempt 501(c)(4) organizations. These investigations were generally seen as threatening anonymous political contributions. After initiating the investigations, however, the IRS came under political pressure - and on July 7, it announced the termination of its investigations.
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