The Daily Banner, Greencastle, Putnam County, 9 December 1964 — Page 9
1948 IRS Ruling Gave $30,000 To HST's Campaign By United Press International , T~ , „ ; a hard-won Internal Revenue The latest developments in I Service ruling in September of the Bobby Baker mess recall 11948 caused $30,000 to flow into the circumstances under which j Harry S. Truman's presidential
campaign fund. Back there in 1948 the word around Washington was that there was something unusual in the Truman campaign fund raising methods. Some facts got on the record in 1957-1959 be- ; fore the U. S. tax court in an action between Welbum Maycock and the commissioner of Internal Revenue. Maycock in 1948 was general counsel of the Democratic National Committee. The Internal Revenue Service IRS challenged Haycock’s 1948 income tax return. The tax court found Maycock’s return in good order, however, and proof against
the IRS effort to assess more j taxes, docket No. 58957. The court’s printed findings j of facts stated that Maycock! had undertaken in 1948 to raise ) $30,000 for the national com-1 mittee. He sought aid in fund raising among Jews in New York City from Louis Markus, president of the American Bowling and Billard Co. From William Solomon, New York insurance man, Markus learned and passed on to Maycock the name of William S. Lasdon who was said to be ready to put up a large chunk of political money in return for
a favor in Washington. Lasdon and his family owned and desired to sell valuable antibotic patents. The favor they desired in Washington was something that would cause the IRS to act on their pending request that the proceeds of such sale would be taxed as a capital gain rather than as ordinary income. The record shows that the transaction met the requirements as a capital gain transaction. What the Lasdon’s needed was action. They already had
able ruling would save the Lasdon family large sums in federal income tax. Lasdon first offered $25,000 to Maycock who was to be his tax counsel, but finally raised the sum to $65,000. Maycock agreed with Solomon and Markus that they should split half of all received from Lasdon above the $30,000 which was to go to the national committee. The $65,000 deal was made between Lasdon and Maycock in June, 1948, in Markus’ office. The tax court found that
tax counsel in Washington but j Maycock concluded that Lascounsel had not been able to, don’s cause was legitimate, prod the IRS to act. A favor- • that he was fairly entitled to
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Th* Daily Bannar Graancastla, Indiana Wednasday, December 9, 1964
a favorable ruling but that the IRS was reluctant to act in an election year because so much tax money was involved. Maycock pressed the case and in September, 1948. the favorable ruling was issued. Lasdon paid off to Maycock with $65,000 in currency. Markus and Solomon each got $8,750. Maycock kept $17,500 as a fee and delivered $30,000 in currency to the Democratic National Committee. The committee popped the $30,000 right back at him be-
cause the Hatch Act forbids inindividual campaign contributions in excess of $5,000. The tax court said the $30,000 later was channeled into the committee through dummy contributors who gave checks in sums permissible under the Hatch Act. After all, what is the Hatch Act between friends.
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