That would be big money, and the IRS should push for it–even though Karl Rove won’t like it!
Donations to political nonprofits may be subject to gift tax
By JESSE ZWICK 10/15/10 12:45 PM
Interesting new development in the shadowy world of 501(c)4 spending. Forbes is reporting that a Los Angeles tax lawyer is advising clients that their contributions to 501(c)4 groups, like Des Moines-based American Future Fund, could be subject to a weighty 35 percent “federal gift tax.”