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Colbert's super-PAC files termination paperwork with FEC
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11/13/12 09:54 PM ET
Stephen Colbert officially closed the curtain on his super-PAC Tuesday.
Among it its final disbursements, the committee reports giving the "Colbert Super PAC SHH Institute" a $773,705 "donation" on Monday.
The host of “The Colbert Report” also posted a letter on his website Monday night announcing the end of the super-PAC he created in 2011 to draw attention to the outside spending groups that dominated the 2012 cycle.
The Comedy Central star's lawyer and former Federal Election Commission Chair Trevor Potter explained to the host -- and "Colbert Report" viewers -- on Monday that in order for the money to disappear without a trace, Colbert could just funnel it into tax-exempt 501(c)4 organizations.
Colbert's existing 501(c)4, Colbert Super-PAC SHH, Potter said, could shield the money from prying eyes.
By writing a check from the super-PAC to the 501(c)4 and including an "agency letter" telling the 501(c)4 organization exactly what do with the money, Potter said the new income wouldn't show up on the non-profit's tax return. That means the money would effectively be untraceable when spent.
Even though Americans for a Better Tomorrow, Tomorrow had become all but inactive since its major fundraising blitz at the beginning of the year, the termination report states Colbert's super-PAC received more than $5,000 in donations from Oct. 17 through Nov. 12. -- its largest haul since June. Throughout the election cycle, it raised $1.2 million.
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