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JAMES E.HOLSROuSER,JR. J <br /> STATE OF NORTH CAROLINA <br /> DEPARTMENT OF REVENUE <br /> P. O. BOX 25000 <br /> JOHN E.LANSOIE <br /> J.HOWARD COBLE RALEIGH. N. C. 27640 ROBERT B.MCBDRNEY,JR. <br /> ,E�aE.... September 9, 1976 <br /> The Art School <br /> 150 1. Main Street <br /> Carrboro, North Carolina 27510 <br /> Attention: Mr. Jacques Menache <br /> Re: Tax Status <br /> Gentlemen: <br /> Thank you for sending us a copy of your By-laws and a copy of your <br /> Articles of Amendment for our examination. <br /> This corporation will qualify for exemption from franchise tax and <br /> income tax under Sections 105-125 and 105-130.11(a)(3), respectively, of <br /> the General Statutes of North Carolina, subject to the condition that no <br /> part of its net income inures to the benefit of any of its officers, <br /> directors, or members or any other private individual except as reasonable <br /> compensation paid or distributions made in carrying out its declared <br /> non-profit purpose. <br /> So long as the corporation retains its exempt status, it will not be <br /> required to file franchise and income tax returns with this Department. <br /> Very truly yours, <br /> W. B. Matthews, Director <br /> Corporate In/dome and Franchise Tax Division <br /> By: Douglas J. Williams, Administrative Officer <br /> DJW:nhs <br /> i <br />