Word: exempt
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Dates: during 1950-1959
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Last week in Washington the United States Tax Court gave N.Y.U.'s macaroni a fresh bend. It ruled that the C. F. Mueller Co. (as reorganized for N.Y.U.'s benefit) was not exempt from paying federal corporation income taxes, owed Uncle Sam $136,438.62 for a four-month period in 1947. Said the court: such an exemption could have "a vicious effect upon nonexempt competitors." Said the Mueller Co.: it would appeal to a higher court...
...N.Y.U., they were following a path already partly blazed by others. In a search for bigger & better returns on endowment money, some U.S. colleges and universities have been buying into all sorts of enterprises, from real estate to department stores, thus giving income from the properties their own exemption from corporation income taxes. If New York University's new macaroni factory could thus become tax exempt, its macaroni would go to market with a tidy advantage over most of the rest of the industry, make a properly tidy return to N.Y.U...
Radios and phonographs will be exempt from charge...
...organization... may act in such a manner as to jeopardize the University's tax exempt status...
...organizations voted unanimously to protest the mastodon-sized 33-page booklet of projected regulations, and produced a substitute set of six simple rules. These would require that organizations must be financially responsible, must not jeopardize the University's tax exempt status, must have Harvard students determining policy and be free from outside control, must uphold local, state, and federal laws, must not imply that their actions or opinions are sponsored by the University, and must fulfill all the above criteria for official recognition...