Gift to M.I.T. from Bose founder raises tax questions


According to the New York Times, the founder of the Bose Corporation, a privately held company that makes high-end audio products, has donated the majority of the company to the Massachusetts Institute of Technology, the university said Friday. But Amar G. Bose, who received his bachelor’s, master’s and doctoral degrees from M.I.T. and was a professor there from 1956 to 2001, placed some unusual restrictions on the Bose shares he donated to the university. While the shares give the university majority ownership, they are nonvoting and thus confer no control over the company and its operations. Nor can M.I.T. sell the shares. It will receive dividends from Bose, which Nathaniel W. Nickerson, a spokesman for the university, said in an eMail would be “used broadly to sustain and advance M.I.T.’s education and research mission.”

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