Registered religious organizations operate on a tax-free basis and are required to submit annual reports of their financial operations.

Utah Power's preferred shares would be exchanged on a one-for-one, tax-free basis for Pacificorp preferred shares.

It will allow people to invest a maximum of 600,000 francs each, or $120,000, in shares on a tax-free basis, provided they hold the stocks for at least five years.

This exclusion permits gifts to others of $10,000 for an individual and $20,000 for a married couple on a tax-free basis.

"Access to these benefits on a tax-free basis would make the lives of the terminally ill significantly easier with very little cost to the Federal Government."

That means it is contingent on a ruling from the Internal Revenue Service that it can proceed on a tax-free basis.

Most importantly, the money accumulating in these plans during your working years compounds on a tax-free basis until it is withdrawn.

The transaction would be on a tax-free, pooling-of-interests basis.

"Other spinoffs have been done on a tax-free basis," he said.

Inter-City said the sale would be organized on a tax-free basis, with its utilities and propane businesses being transferred to separate corporations owned by its common shareholders.