Thank you for visiting SNEWPapers!
Sign up free
Hickory Daily Record
Hickory, Catawba County, North Carolina
What is this article about?
The Internal Revenue Bureau issued an informal ruling stating that contributions to the Woodrow Wilson Foundation are not tax-deductible, unlike the Roosevelt Memorial Association which incorporated for educational purposes. Assistant Commissioner Smith suggested the Wilson Foundation incorporate similarly to allow deductions.
Clipping
OCR Quality
Full Text
Assistant Commissioner Smith in making this known today said no formal ruling had been issued.
When his attention was called to the recent ruling exempting the Roosevelt memorial association, Commissioner Smith said deductions would not have been deducted had the Roosevelt association not incorporated "exclusively for educational purposes" under an act of congress.
Mr. Smith said it would be suggested to the officers that the Woodrow Wilson foundation be incorporated under similar laws so that subscribers may deduct their contributions.
What sub-type of article is it?
What keywords are associated?
What entities or persons were involved?
Domestic News Details
Key Persons
Outcome
contributions to woodrow wilson foundation not tax-deductible; suggestion to incorporate under congressional act for educational purposes to allow deductions, similar to roosevelt memorial association.
Event Details
Informal ruling by Internal Revenue Bureau holds contributions to Woodrow Wilson Foundation as not deductible from taxable income, presented to Carter Glass of Virginia. Assistant Commissioner Smith announced no formal ruling issued. Compared to Roosevelt Memorial Association, which is exempt due to incorporation exclusively for educational purposes under act of Congress. Suggestion to Woodrow Wilson Foundation officers to incorporate similarly for deductibility.