Tax-exempt Foundations: Their Impact on Small Business: Hearings, Ninetieth Congress, First Session ...U.S. Government Printing Office, 1967 - 1164 pages |
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1967 Americans Building activities Americans Building Constitutionally amount Analysis Institute Foundation answer may tend application articles of incorporation assets attorney benefits board of directors by-laws Chairman charitable charitable organization Code Sec COHEN committee Congress CONTE contributions copy Copyright 1967 Americans CORMAN corporate foundation counsel created decline to answer deduction directed to answer educational employees Executive Director exempt organization exempt purposes Federal fifth amendment Ford Foundation foundation's funds grant gross income Illinois income tax individual Internal Revenue Code Internal Revenue Service investment LAUREN lease loan member of ABC membership not-for-profit officers operation PATMAN person Philippa Schuyler Memorial procedures question received records Report respectfully decline salary Sales Analysis Institute scholarship Secretary statement subcommittee tend to incriminate tion trade or business transaction Treasury trust foundation unrelated business taxable unrelated trade Wright Patman
Popular passages
Page 286 - Civic leagues or organizations not organized for profit but operated exclusively for the promotion of social welfare, or local associations of employees, the membership of which is limited to the employees of a designated person or persons in a particular municipality, and the net earnings of which are devoted exclusively to charitable, educational, or recreational purposes...
Page 286 - Fraternal beneficiary societies, orders, or associations, (a) operating under the lodge system or for the exclusive benefit of the members of a fraternity itself operating under the lodge system...
Page 287 - ... providing for the payment of life, sick, accident, or other benefits to the members of such association or their dependents, if— (A) no part of their net earnings inures (other than through such payments) to the benefit of any private shareholder or individual...
Page 287 - Exemption shall not be denied any such corporation because it has capital stock, if the dividend rate of such stock is fixed at not to exceed the legal rate of interest in the State of Incorporation or 8 per centum per annum, whichever is greater, on the value of the consideration for which the stock was issued, and if substantially all such stock (other than nonvoting preferred stock, the owners of which are not entitled or permitted to participate, directly or indirectly, in the profits of the...
Page 561 - If the amounts accumulated out of Income during the taxable year or any prior taxable year and not actually paid out by the end of the taxable year — ( 1 ) are unreasonable in amount or duration in order to carry out the charitable, educational, or other purpose or function constituting the basis for exemption...
Page 296 - ... taxable year of the partnership ending within or with the taxable year of the partner.
Page 290 - Sells any substantial part of its securities or other property, for less than an adequate consideration in money or money's worth, to; or (6) Engages in any other transaction which results in a substantial diversion of its income or corpus...
Page 292 - ... through the ownership, directly or Indirectly, of 50 percent or more of the total combined voting power of all classes of stock entitled to vote or 50 percent or more of the total value of shares of all classes of stock of the corporation.
Page 303 - Unless so limited, enlarged or denied, each member, regardless of class, shall be entitled to one vote on each matter submitted to a vote of members.
Page 512 - The comptroller shall be the principal officer in charge of the accounts of the company; and shall perform such duties as from time to time may be assigned to him by the board of directors or the finance committee.