The Club’s tax-exemption is not at risk provided that the club acted within the applicable federal tax law. For this answer, we refer to S. Rept. No. 94-1318 (1976), 1976-2 C.B. 597, which provides that “social clubs are permitted to receive up to 35 percent of their gross receipts from nonmembers and investment income provided that not more than 15 percent of the gross receipts may be derived from the use of club facilities or services by nonmembers of the club.