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Company plan can reward scholars

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in Small Business Tax

Q.  I am interested in setting up a college scholarship program at my company for employees and children of employees. Can this be done? H.S., via e-mail

A.  Yes. Your company may offer a program that provides scholarships to employees and/or their children. However, to preserve the tax-free status of scholarship awards, the company plan must meet certain nondiscrimination requirements. For example, you must use an independent selection committee.

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