This landmark case created the legal foundation for the Citizens United v. FEC decision issued 34 years later. The Supreme Court upheld contribution limits. However, it overturned spending limits (except for publicly financed presidential candidates). The decision said such restrictions “limit political expression at the core of our electoral process and of the First Amendment freedoms." The court upheld disclosure and recordkeeping requirements. In addition to striking down limits on candidate expenditures, the decision also invalidated limits on independent spending (spending not coordinated with a candidate) and on expenditures of candidates’ personal funds.
Source: FEC
Sources: Oyez, Encyclopedia.com