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Tax Snag for Test Prep Scholarship Program

Tax Snag for Test Prep Scholarship Program
December 12, 2011

The Internal Revenue Service has denied tax-exempt status to an unnamed foundation that provides scholarships to students who seek to enroll in college credit study programs. The foundation's board of directors own a separate online education company that provides test-preparation materials. As a result, the IRS determined that the scholarship fund operates in the interests of the for-profit company.

 

 

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