The J. S. Bach Foundation is a non-profit charitable institution dedicated to providing musical education to children in elementary schools. There is a provision in the document that created the Foundation which states that upon the dissolution of the Foundation, its assets, which consist primarily of musical instruments, will be donated to the various schools for which it provides music education. Would this provision affect the Foundation’s request for tax exemption? How? If the provision stated that upon dissolution of the Foundation its assets would be sold at auction and the proceeds of that auction returned to the original donors to the Foundation, would this alternative provision affect the Foundation’s request for tax exemption? How?
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