Word: cbs
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Dates: during 1940-1949
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Amos 'n' Andy started it last September when they left NBC and sold their show to CBS for $2,000,000. The Bureau of Internal Revenue examined this complicated deal and agreed that the $2,000,000 was subject to a capital-gains tax (25%) instead of personal income...
...CBS, dangling the juicy bait of tax savings before other NBC stars, soon made off with Jack Benny. Bing Crosby, Edgar Bergen, Phil Harris, Fibber McGee & Molly, and Red Skelton were reported planning to join the exodus to CBS. This week the tax collector cut the gossip short. He had bad news for radio stars who would like to revise contracts...
...CBS and Amusement Enterprises, Inc. (Comedian Benny's corporate entity), the Bureau of Internal Revenue ruling meant that the $1,356,000 due Benny from CBS as 60% stockholder was subject to a whopping $1,030,000 in personal income taxes. Until he got the dire word, professional skinflint Benny had hoped (on advice of counsel) that he would have to pay only $300,000 in capital-gains taxes...
...friendship between Benny and CBS also seemed to be suffering a strain. CBS Vice President Frank Stanton declared that it was "utterly fantastic" for anyone to expect CBS to make up Benny's tax losses because of the bureau's ruling. Said Stanton, washing his hands of the whole affair: "From here on out it is strictly a matter between Mr. Benny and the Revenue Bureau...
...York Philharmonic (Sun. 3 p.m., CBS). Violinist Ginette Neveu...