### Question
How does NORMAL TAXES AND SURTAXES define independent member?


### Answer
Under *26 U.S.C. § 150*, **independent member** is defined as:

> a member of the board of directors of the issuer who (except for services as a member of such board) receives no compensation directly or indirectly—


(i) for services performed in connection with such transferee corporation, or


(ii) for services as a member of the board of directors or as an officer of such transferee corporation

#### Citation:
  - *26 U.S.C. § 150*
  - Heading: **Subtitle A-Income Taxes > CHAPTER 1-NORMAL TAXES AND SURTAXES > Subchapter B-Computation of Taxable Income > PART IV-TAX EXEMPTION REQUIREMENTS FOR STATE AND LOCAL BONDS > Subpart C-Definitions and Special Rules**

