Sunday, October 7, 2007

Campaign Debt Forgiveness

The situation is bleak at the National Republican Congressional Committee. The GOP's House committee has $1.6 million in the bank, but is $4 million in debt. The NRCC has struggled to convince incumbents to avoid retirements, and its recruiting efforts have largely been busts. Two weeks ago, House Minority Leader John A. Boehner (R-Ohio) was so discouraged by the campaign committee's plight that he threatened to fire its chief strategists, and NRCC Chairman Tom Cole (R-Okla.) considered resigning.

I often hear things like "campaign debt isnt real" because it is usually never paid back. I know that if I get a debt forgiven it is treated as income. What happens for debts to campaigns that get forgiven? Are they treated as contributions in kind?

Looking to be educated on this one.

Full story, which isnt actually about this, is over at Talking Points Memo

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