HWP -- Hewlett Packard Message Board

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Technology Stocks : HWP -- Hewlett Packard

HPQ 20.37

-1.2%

Jan 16 9:30 AM EST

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To: Jerome who wrote (3842)	12/14/2001 11:26:48 AM
From: The Duke of URL©	Read Replies (2) of 4722

Ya know, and I'm just noodlin' here, but since your going to be on the Board, an' all, and since I used to teach this in law school, it might be worthy of comment that the Foundation is allowed its tax exempt status under 501(c)(3) because it maintains a PASSIVE role, as dictated by 4900 et. seq. of the Internal Revenue Code. The origin of all this stuff is a case called Clay Brown in maybe 1968, where the Family tried to keep control of the Company and get a charitable deduction for the contribution of the company to the Foundation. My thoughts are triggered by yours and Dave B's posts; And in light of the philosophy of the Statutory schema, if I were Walt, I might be less worried about a conflict of interest and more worried about the IRS revoking the tax free status of the Foundation. Again I am just thinking outloud and nothing should be relied upon....or believed. :))

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