2 AAC 50.254 - Personal contributions by a candidate

(a) A candidate may make unlimited personal contributions from assets to which the candidate has title or a right of access or control under the laws of this state. In this section, assets include

(1) salary and other earned income from bona fide employment;

(2) dividends;

(3) proceeds from the sale of an investment;

(4) a bequest to the candidate;

(5) income from any trust established before the individual becomes a candidate;

(6) income from any trust established by bequest after the individual becomes a candidate; and

(7) any gift the candidate receives that follows a pattern of gifts regularly received before becoming a candidate.

(b) A candidate may use the candidate's share of a jointly owned asset as a personal contribution. A candidate's share of a jointly owned asset is the portion the candidate owns under the instrument of conveyance or ownership. If the instrument of conveyance or ownership does not apportion the ownership shares, the candidate may use as a personal contribution

(1) for an asset jointly owned with a spouse or domestic partner, one-half of the asset; or

(2) for an asset jointly owned with a person that is not a spouse or domestic partner, or with more than one other person,

(A) the pro rata share corresponding to the purchase price paid by the candidate; or

(B) if the owners did not purchase the asset,

(i) the present value of the portion owned by the candidate, as documented in writing; or

(ii) if no document specifying the candidate's ownership share exists, the present value of the asset divided by the number of owners.

(c) Money loaned to a candidate by a regulated banking institution is a personal asset of the candidate, and must be reported as a candidate's personal contribution if

(1) the loan is made in compliance with applicable banking laws and regulations;

(2) bears an interest rate that is usual and customary at the time the loan is made;

(3) is evidenced by a written instrument;

(4) is required to be repaid on a specified date or amortization schedule; and

(5) is not co-signed or guaranteed by a person other than the candidate.

(d) The proceeds from an unconditional sale of a candidate's real or personal property are personal assets of the candidate and not a contribution from the purchaser if the sale is a legitimate arm's length transaction documented in writing. A candidate must report sale proceeds used in a campaign as a personal contribution.

Notes

2 AAC 50.254

Eff. 1/1/2001, Register 156; am 2/20/2005, Register 173; am 12/22/2011, Register 200

Authority:AS 15.13.030

AS 15.13.040

AS 15.13.070

AS 15.13.078

AS 15.13.400