Senate Report 91-552
United States Senate
91st Cong. 1st Sess., 1969-3 C.B. 423 (1969)
- Written by Daniel Clark, JD
Facts
Tax-exempt private foundations were increasingly obtaining ownership of for-profit businesses. For example, one foundation established an economic empire in an American city, exercising substantial power and influence over that region of the country. Another large foundation operated a kind of conglomerate, controlling 45 different businesses comprising diverse operations covering textile production, real estate, hospitality, hardware, and jewelry concerns. Additionally, tax-exempt foundations were advertising in newspapers about their eagerness to purchase large business concerns with high earnings. The United States Congress became concerned that these phenomena were at odds with the purpose of the portions of the Internal Revenue Code (code) that granted charitable foundations tax-free status. The Senate Committee on Finance issued a report detailing some of those concerns.
Rule of Law
Issue
Holding and Reasoning ()
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