[Code of Federal Regulations]
[Title 11, Volume 1]
[Revised as of January 1, 2002]
From the U.S. Government Printing Office via GPO Access
[CITE: 11CFR110.10]

[Page 138-139]
 
                       TITLE 11--FEDERAL ELECTIONS
 
                 CHAPTER I--FEDERAL ELECTION COMMISSION
 
PART 110--CONTRIBUTION AND EXPENDITURE LIMITATIONS AND PROHIBITIONS--Table of Contents
 
Sec. 110.10  Expenditures by candidates.

    (a) Except as provided in 11 CFR parts 9001, et seq. and 9031, et 
seq., candidates for Federal office may make unlimited expenditures from 
personal funds.
    (b) For purposes of this section, personal funds means--
    (1) Any assets which, under applicable state law, at the time he or 
she became a candidate, the candidate had legal right of access to or 
control over, and with respect to which the candidate had either:
    (i) Legal and rightful title, or
    (ii) An equitable interest.
    (2) Salary and other earned income from bona fide employment; 
dividends and proceeds from the sale of the candidate's stocks or other 
investments; bequests to the candidate; income from

[[Page 139]]

trusts established before candidacy; income from trusts established by 
bequest after candidacy of which the candidate is the beneficiary; gifts 
of a personal nature which had been customarily received prior to 
candidacy; proceeds from lotteries and similar legal games of chance.
    (3) A candidate may use a portion of assets jointly owned with his 
or her spouse as personal funds. The portion of the jointly owned assets 
that shall be considered as personal funds of the candidate shall be 
that portion which is the candidate's share under the instrument(s) of 
conveyance or ownership. If no specific share is indicated by an 
instrument of conveyance or ownership, the value of one-half of the 
property used shall be considered as personal funds of the candidate.

[41 FR 35948, Aug. 25, 1976, as amended at 48 FR 19021, Apr. 27, 1983]