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May 26, 1969 Reduction of Business Holdings (Third Phase)

The third phase is the entire period following the second phase.  If a foundation enters a third phase with not more than 2 percent of the voting stock held by all disqualified parties, and at any time after the beginning of the third phase these holdings exceed 2 percent, then the 25 percent rule applies.

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Page Last Reviewed or Updated: 12-May-2014