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

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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."


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