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DocuSign Envelope ID: ED5F0D80-E787-4882-9C8B-6E2C980000A7 <br /> li <br /> � <br /> JAMES E. HOLSHOUSER� JR. <br /> GOVERNOR 71 <br /> 4e NANI •;p <br /> STATE OF NORTH CAROLINA <br /> DEPARTMENT OF REVENUE <br /> P. O. BOX 2$000 <br /> LAN SCHE <br /> J. HOWARD CABLE RALEIGH, N. C. 27640 JOHN E. <br /> ROBERT A.114 CHURN E Y, JR. <br /> sK[RKTARY DEPUTY SKCRETARIEs <br /> September 9, 1976 <br /> The Art School <br /> 150 E. 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 Income/ and Franchise Tax Division <br /> By: Douglas J. Williams, Administrative Officer <br /> DJW:nhs <br />