[UPDATE: I’m bumping this back to the top. Having researched the matter further, I think Tommy Irvin is actually okay on this. I had remembered that you had to treat dividends and interest as contributions, subject to the limits. Upon further research, I was clearly at error. I’ve got to stop running my mouth without pulling out my OCGA to check myself. Assuming Mr. Irvin has been properly filing tax returns for his campaign, there should be no issue here other than how he has listed his investments in his disclosures and whether investments in stocks would be seen as permissible expenditures under the code, something about which I am not certain but, having researched the matter, think probably is not permissible.]
This race is, frankly, under the radar for me right now.
What’s up with Tommy Irvin’s illegal campaign contributions? At least that is what the Black campaign is telling me. In the most recent disclosures, Irvin had a contribution of 17792.18 from Bear Stearns Co, Inc. in the form of a contribution (dividend interest).
Likewise he had $254,612.92 in the form of a stock sale.
This is fraught with problems. It calls into question the accuracy of past disclosures, considering he’s apparently put his contributions into stock, the price of which goes up and down. LIkewise, the dividend interest appears to be clearly a violation of campaign laws — dividends are treated as contributions and, as such, cannot exceed $5000.00.
I realize Irvin has been around since before these laws were written, but it appears he really is not in compliance and need to clear things up — including how he invested his money, which he arguable cannot do and should not have done. Buying stock is not directly related to getting elected and is arguably an inappropriate use of campaign funds.