Amar Bose, the wealthy founder of the audio-technology company that bears his name, has donated a majority of the privately held company’s stock to the Massachusetts Institute of Technology, with an unusual proviso: The shares are nonvoting and may not be sold, so MIT will neither control nor participate in running the Bose Corporation, but it will benefit from the receipt of cash dividends. According to an MIT statement, the university plans to use the money to “sustain and advance” its “education and research mission.” It did not place a value on the gift. Mr. Bose, who earned three degrees at MIT and served on its faculty from 1956 to 2001, founded the company, which is known for its high-end equipment, in 1964. He will remain its chairman and technical director. The New York Times quoted several tax experts as saying the gift raised questions stemming from its resemblance to tax-avoidance schemes that the Internal Revenue Service has outlawed, but an MIT spokesman denied that allegation. To read the full, original article click on this link: MIT Receives Majority Stake in Former Professor's Audio-Technology Company - The Ticker - The Chronicle of Higher Education
