This is a rush transcript from "Your World," May 14, 2013. This copy may not be in its final form and may be updated.
NEIL CAVUTO, HOST: Meanwhile, first on Fox, enter Frank VanderSloot. You remember him, right, the Idaho businessman singled out by the Obama campaign last year for giving one million dollars in support of Mitt Romney, later becoming the focus of three different audits, two from the IRS, one from the Labor Department.
I remember at the time you saying that these investigations were maybe just coincidence, but the timing was peculiar. What do you make of what you were going through and now hearing what you're hearing today?
FRANK VANDERSLOOT, CEO, MELALEUCA: Well, it's interesting, isn't it, that conservatives were being targeted, evidently by the IRS and perhaps other agencies as well.
For me, well, I think it was just a year and three days ago that you had me on your show. And all we knew then is that I had been listed on this list of eight individuals by President Obama's campaign. It later became known as President Obama's enemies list.
CAVUTO: This one had only eight individuals on it, and you were one of them.
But what got you on that list was your -- your -- what they considered to be your striking conservative views. That shouldn't matter to anyone. But I think what mattered to me was how quickly soon afterwards audits started popping up, investigations started popping up. You had to defend your honor. You were completely exonerated. The audits went nowhere, I guess, but you spent a lot of money trying to get your good name back. Right?
VANDERSLOOT: We did.
What had happened, we made a substantial donation to one of Mitt Romney's supporters, one of the Super PACs. And...
CAVUTO: About a million dollars, right?
VANDERSLOOT: It was about a million dollars.
And, of course, originally, the liberal press picked that up and then right after that President Obama came out with his list of donors. There are thousands of donors. He picked out eight.
VANDERSLOOT: Some of them were not...
CAVUTO: There were no similar lists gathered about generous Democratic donors. But leave that aside.
VANDERSLOOT: I think this is the first time a president of the United States has ever done that. He listed eight donors. Why eight? I suspect because you can't go after thousands.
And as soon as that happened, I knew that a target had been nailed on my back. I didn't know what was going to happen, but that's when you had me on your show and you said, well, what about this? And we didn't know.
CAVUTO: Now, how soon was the first audit?
VANDERSLOOT: The first audit -- the first audit happened eight weeks after the president's list came out.
CAVUTO: OK. And then there was a second audit and a Labor Department audit.
VANDERSLOOT: It was an IRS audit first, followed a few weeks later by the Department of Labor audit, followed then less than two months later by another IRS audit.
CAVUTO: Now, obviously, these are matters that you're free to discuss or not. I don't want to get into details. If you don't want to answer, you don't have to.
What kind of information, Frank, were they after? Let's say the IRS first.
VANDERSLOOT: The IRS was auditing my tax returns.
CAVUTO: You as an individual?
VANDERSLOOT: Me as an individual first and then one of my companies second.
CAVUTO: And now you have heard about some of the questions they were asking these various conservative groups. Were they that involved in detail with you?
CAVUTO: I mean, 50-some-odd questions they were asking them.
CAVUTO: What kind of stuff were they trying to ascertain?
VANDERSLOOT: They -- they were just after my taxes. That's what they were after.
CAVUTO: You were fully exonerated. You didn't have to pay any extra?