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By letter dated March 31, 2023, the Internal Revenue Service determined that the Montpelier Collective is a public charity, is exempt from federal income tax under Internal Revenue Code Section 501(c)(3) and that donors can deduct contributions they make to the Collective under Internal Revenue Code Section 170. Donors should nevertheless seek advice from a qualified tax professional and should be aware of an internal memorandum issued on May 23, 2023, within the IRS by its Office of Chief Counsel addressing NIL Collectives and their exempt status.