Internal Revenue Code:Sec. 9007. Examinations and audits; repayments

From TaxAlmanac

Location in Internal Revenue Code

     TITLE 26 - INTERNAL REVENUE CODE
      Subtitle H - Financing of Presidential Election Campaigns
       CHAPTER 95 - PRESIDENTIAL ELECTION CAMPAIGN FUND
     

Statute

    Sec. 9007. Examinations and audits; repayments
 
    (a) Examinations and audits
      After each presidential election, the Commission shall conduct a
    thorough examination and audit of the qualified campaign expenses
    of the candidates of each political party for President and Vice
    President.
    (b) Repayments
      (1) If the Commission determines that any portion of the payments
    made to the eligible candidates of a political party under section
    9006 was in excess of the aggregate payments to which candidates
    were entitled under section 9004, it shall so notify such
    candidates, and such candidates shall pay to the Secretary of the
    Treasury an amount equal to such portion.
      (2) If the Commission determines that the eligible candidates of
    a political party and their authorized committees incurred
    qualified campaign expenses in excess of the aggregate payments to
    which the eligible candidates of a major party were entitled under
    section 9004, it shall notify such candidates of the amount of such
    excess and such candidates shall pay to the Secretary of the
    Treasury an amount equal to such amount.
      (3) If the Commission determines that the eligible candidates of
    a major party or any authorized committee of such candidates
    accepted contributions (other than contributions to make up
    deficiencies in payments out of the fund on account of the
    application of section 9006(c)) to defray qualified campaign
    expenses (other than qualified campaign expenses with respect to
    which payment is required under paragraph (2)), it shall notify
    such candidates of the amount of the contributions so accepted, and
    such candidates shall pay to the Secretary of the Treasury an
    amount equal to such amount.
      (4) If the Commission determines that any amount of any payment
    made to the eligible candidates of a political party under section
    9006 was used for any purpose other than -
        (A) to defray the qualified campaign expenses with respect to
      which such payment was made, or
        (B) to repay loans the proceeds of which were used, or
      otherwise to restore funds (other than contributions to defray
      qualified campaign expenses which were received and expended)
      which were used to defray such qualified campaign expenses,
    it shall notify such candidates of the amount so used, and such
    candidates shall pay to the Secretary of the Treasury an amount
    equal to such amount.
      (5) No payment shall be required from the eligible candidates of
    a political party under this subsection to the extent that such
    payment, when added to other payments required from such candidates
    under this subsection, exceeds the amount of payments received by
    such candidates under section 9006.
    (c) Notification
      No notification shall be made by the Commission under subsection
    (b) with respect to a presidential election more than 3 years after
    the day of such election.
    (d) Deposit of repayments
      All payments received by the Secretary of the Treasury under
    subsection (b) shall be deposited by him in the general fund of the
    Treasury.
 

Sources

    (Added Pub. L. 92-178, title VIII, Sec. 801, Dec. 10, 1971, 85
    Stat. 568; amended Pub. L. 93-53, Sec. 6(c), July 1, 1973, 87 Stat.
    139; Pub. L. 93-443, title IV, Sec. 404(c)(9)-(11), Oct. 15, 1974,
    88 Stat. 1292; Pub. L. 94-283, title III, Sec. 307(e), May 11,
    1976, 90 Stat. 502; Pub. L. 94-455, title XIX, Sec. 1906(b)(13)(B),
    (C), Oct. 4, 1976, 90 Stat. 1834.)
 

Miscellaneous

                                 AMENDMENTS
      1976 - Subsec. (b). Pub. L. 94-455 substituted ''Secretary of the
    Treasury'' for ''Secretary''.
      Subsec. (b)(3). Pub. L. 94-283 substituted ''9006(c)'' for
    ''9006(d)''.
      Subsec. (d). Pub. L. 94-455 substituted ''Secretary of the
    Treasury'' for ''Secretary''.
      1974 - Subsec. (a). Pub. L. 93-443, Sec. 404(c)(9), substituted
    ''Commission'' for ''Comptroller General''.
      Subsec. (b). Pub. L. 93-443, Sec. 404(c)(10), substituted
    ''Commission'' and ''it'' for ''Comptroller General'' and ''he'',
    respectively, wherever appearing.
      Subsec. (c). Pub. L. 93-443, Sec. 404(c)(11), substituted
    ''Commission'' for ''Comptroller General''.
      1973 - Subsec. (b)(3). Pub. L. 93-53 substituted section
    ''9006(d)'' for ''9006(c)''.
                      EFFECTIVE DATE OF 1974 AMENDMENT
      Amendment by Pub. L. 93-443 applicable with respect to taxable
    years beginning after Dec. 31, 1974, see section 410(c)(1) of Pub.
    L. 93-443, set out as a note under section 431 of Title 2, The
    Congress.
                      EFFECTIVE DATE OF 1973 AMENDMENT
      Amendment by Pub. L. 93-53 applicable with respect to taxable
    years beginning after Dec. 31, 1972, see section 6(d) of Pub. L.
    93-53, set out as a note under section 6096 of this title.
 

References

                   SECTION REFERRED TO IN OTHER SECTIONS
      This section is referred to in sections 9003, 9005, 9008, 9009,
    9010 of this title.