You may remember the name Sheldon Adelson from the 2012 election. He was the casino mogul who donated $20 million to Newt Gingrich’s campaign. He’s been a generous donor to other conservative groups and causes. He donated at least $53 million in the last election, according to Forbes. Other sources put the figure even higher. He was a big conservative donor in 2008, too.
And, as it turns out, he has been put under a microscope by the Internal Revenue Service as well. The Sunlight Foundation, a nonprofit investigative journalism group, reported last year:
But a review of public records by Sunlight suggests that the couple, who appears to be the former House speaker’s most generous political patrons pending the filing of Winning Our Future’s first complete financial disclosures later this month with the Federal Election Commission, have considerable financial interests involved in battles with the federal government that Gingrich is vying to head:
Adelson’s company, the Las Vegas Sands, disclosed in its most recent Securities and Exchange Commission quarterly report that it appealed the results of an Internal Revenue Service audit for the company’s 2005 to 2008 tax returns. The audit may result in as much as $23 million in additional tax payments, although the final amount, the company concedes, is “inherently uncertain.” The IRS also audited Las Vegas Sands’ 2009, and recommended additional payments.
The disclosure linked above in the foundation’s story stated:
The fact that Adelson’s business was scrutinized does not prove anything untoward or unethical was done. Checking returns is, after all, what the IRS does, and Adelson owns some big, high-profile businesses. But give the recent revelations regarding the IRS, at this point you do sort of have to wonder.
