March 10, 2000
IRS Eyes the Income Colleges Get in Deals With Companies
The Internal Revenue Service put colleges on notice last week that it may go after a growing and largely untaxed source of revenue: payments that soft-drink companies, athletics-gear manufacturers, and other corporations make to colleges in exchange for exclusive deals to provide goods and services on campuses.
In proposed regulations published in the Federal Register on March 1, the I.R.S. outlined the tax status of income that many colleges and other tax-exempt organizations earn
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