Video: Stephen Colbert Learns How to Keep his Super PAC Money

| by Michael Allen

On 'The Colbert Report,' host Stephen Colbert asked former FEC chairman and former general counsel for the 2008 McCain campaign Trevor Potter how to dissolve his Super PAC, but keep the $800,000 in donations (video below).

Potter told Colbert: "You can use it for any legal purpose. You can even write yourself a check for that whole amount. The only problem is that everyone will know, as you have to report that [on taxes]."

Colbert then asked: "Can I give the money to myself and somehow hide it?"

Potter told Colbert to transfer the money from his Super PAC to his 501(c)(4) and then to a second a secret 501(c)(4) and include an "agency letter" that tells both 501(c)(4)s exactly what to do with the money: "And if you do that, the IRS doesn't consider it to be the 501(c)(4) 's money and it doesn't end up on the tax return."

Colbert concluded: "Neither I, nor me, nor me is responsible for the money. I love America."