Relating to Gifts or Donations to Schools.
Section 47
SEC. 47. Relating to Gifts or Donations to Schools.— All gifts or donations in favor of any school, college or university recognized by the Government shall not be subject to tax: Provided, That such gifts or donations shall be for improvement of classrooms and laboratory or library facilities, and shall not inure to the benefit of any officer, director, official, or owner or owners of the school, or paid out as salary, adjustments or allowance of any form or nature whatsoever, except in support of faculty and/or professorial chairs.