Word: californiaisms
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Dates: during 1960-1969
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...California, the ABC foundation tax plan [Jan. 5] has been scrutinized by the attorney general's office. All that remains to be determined is whether the 100 or so California residents involved in ABC are victims or active participants...
...correlative to claiming tax advantage through the formation of a foundation is the acceptance of the highest trust obligation to the public purposes for which the foundation is formed. In California, that means you can't have your cake and eat it too. It means that assets placed in a foundation must be used for public purposes and not for the benefit of the donor or founder. It means that the ABC plan can't work. It means that the individual who operates his foundation as taught by ABC faces the loss of both his foundation...
LAWRENCE R. TAPPER Deputy Attorney General State of California Los Angeles
After a series of campus uprisings, the University of California at Berkeley last January set up a joint student-faculty committee to study ways to avert future disorders. This week the committee-headed by Law Professor Caleb Foote and Graduate Student Henry E. Mayer-released a 250-page report that charged almost everybody involved in past troubles with pursuing "partisan ends" but also recommended some sound proposals as to how the school should govern itself...
...were in the mutual-fund business. Today, the number exceeds 50. Last month Boston's John Hancock became the biggest insurance company to get into the act by announcing its own mutual fund. Last week Illinois-based Franklin Life Insurance Co. said it plans to acquire control of California's Channing Financial Corp., a holding company with properties in both mutual funds and insurance...