Can Trump or the IRS strip Harvard of its tax-exempt status? Here's what to know.
CBSN
The battle between President Trump and Harvard University has moved to a new front, with the IRS now considering whether to revoke the Ivy League school's tax-exempt status.
A final decision has not yet been made by the IRS, CBS News' Aaron Navarro reports. But the effort comes after Mr. Trump on Tuesday suggested that Harvard could lose its tax exemption. The tax agency's move to consider whether to strip Harvard of its designation as a 501(c)(3) organization was earlier reported by CNN.
The IRS has awarded tax-exempt status to almost 2 million organizations, ranging from universities like Harvard to charities such as churches and foundations. The designation exempts these groups from paying federal income taxes, while donations to these groups are considered tax-deductible by the IRS.
