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(a) A candidate may make unlimited personal contributions from assets to which, under the laws of this state, the candidate
(1) has a right of access or over which the candidate has control; and
(2) had title at the time the individual became a candidate.
(b) A candidate may use a portion of jointly owned assets as a personal contribution. The portion of the jointly owned assets that may be used is the candidate's share under the instruments 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) one-half of the property jointly owned with a spouse; or
(2) the pro rata share corresponding to the purchase price paid by the candidate for property jointly owned with a non-spouse, or if a purchase was not made, the amount determined by dividing the present value by the number of owners of the property jointly owned with a non-spouse.
(c) A candidate's transfer to a campaign of personal property not to exceed $5,000, a computer, and a printer, from an earlier campaign is a personal contribution.
(d) Proceeds of a loan of money by a regulated banking institution to a candidate are a personal asset under (a) of this section if the loan is made in accordance with applicable banking laws and regulations, bears the usual and customary interest rate, is evidenced by a written instrument, is subject to a due date or amortization schedule, and is not endorsed, guaranteed, or co-signed by a person other than the candidate. Contributions of loan proceeds that qualify as personal assets under this section must be reported as a candidate's personal contribution.
(e) The proceeds from an unconditional sale of a candidate's real or personal property is not a contribution from the purchaser if the proceeds are received by a candidate in a legitimate arm's length transaction documented in writing. A candidate must report sale proceeds used in a campaign as personal contributions.
(f) For purposes of this section, assets include
(1) salary and other earned income from bona fide employment;
(3) proceeds from the sale of investments;
(4) bequests to the candidate;
(5) income from trusts established before candidacy;
(6) income from trusts established by bequest after candidacy; and
(7) gifts that had been customarily received before candidacy.
History: Eff. 1/1/2001, Register 156; am 2/20/2005, Register 173
Authority: AS 15.13.030
Editor's note: The substance of 2 AAC 50.254 was formerly located at 2 AAC 50.316. The history note does not reflect the history of the earlier regulation.
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Last modified 7/05/2006