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IRS Audit Is Standard, Delaney’s Camp Says

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Photo by Matthew Cavanaugh/Getty Images

Photo by Matthew Cavanaugh/Getty Images

HAGERSTOWN, Md. (AP) — The congressional campaign of Montgomery County businessman John Delaney said that an Internal Revenue Service audit of his company is “fairly standard.”

CapitalSource Inc. mentioned the audit in a Securities and Exchange Commission filing last month. It was publicized Thursday by the campaign of state Sen. Rob Garagiola, Delaney’s opponent for the 6th District Democratic nomination.

Delaney’s campaign points out that the financial company has regularly mentioned the audit in SEC filings since 2009.

CapitalSource is being audited for the tax years 2006 through 2008, when it operated as a real-estate investment trust. The company says its senior management had limited experience with the tax rules for those organizations and it can’t assure investors it met the requirements.

Garagiola’s camp said both the business and Delaney’s campaign are based on fraud.

Delaney campaign manager Justin Schall said in an emailed statement Thursday that’s not true.

“This is another example of Annapolis politician Rob Garagiola looking at forms he clearly doesn’t understand and making desperate and inaccurate accusations,” Schall said. “It is a lie to say that John Delaney is under investigation. … It’s a shame, because when Garagiola hides the truth and misrepresents facts, it’s the voters in Maryland who lose.”

(Copyright 2012 by The Associated Press.  All Rights Reserved.)

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