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DocuSign Envelope ID: F6F24E9A-E685-4D51-AA37-BB7ACA9A687F <br /> JAMES E. HOLSHOUSER, JR. `T A <br /> GOVERNOR Y <br /> STATE OF NORTH CAROLINA <br /> DEPARTMENT OF REVENUE <br /> P. O. Box 25000 <br /> JOHN E. LANsCHE <br /> J, HOWARD COQG£ RALEIGH, N. C, 27640 RoDERT B. McBURNEY, JR. <br /> s�,[RETAflY DLpUYY SEFRLYAKILs <br /> September 9, 1976 <br /> The Art School <br /> 130 1. Main Street <br /> Carrboro, Forth Carolina 27510 <br /> Attention: Mr. Jacques Menache <br /> Re: Tax Status <br /> Gentlemen: <br /> Thank you for sending us a copy of your By-Taws 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 Tneome and Franchise Tax 'Division <br /> By: Douglas J. Wi <br />