Word: exempt
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Dates: during 1960-1969
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...checked. The new U.S. plan would outlaw all nuclear tests in the atmosphere, in the sea, in space-and police the ban with a global network of long-range seismographs, plus international teams of inspectors to probe any suspicious earth tremors on the spot. But the U.S. would exempt all underground tests of less than 19 kilotons (about one Hiroshima bomb), because they are nearly impossible to detect...
...called Connally Reservation, pushed through the U.S. Senate in 1946 by Texas' Senator Tom Connally, which reserves to the U.S. the right to withhold any case from the jurisdiction of the World Court in Geneva by calling it a "domestic issue.'' Since domestic disputes are actually exempt from World Court action anyhow, the lawyers knew that the Connally Reservation would serve only to encourage other nations to enact the same kind of proviso, create a situation where disputants could keep any meaningful international cases away from the court simply by labeling them "domestic.'' Events proved...
...cost of Rocky's program: $1.5 billion. On a do-it-yourseli basis, a homeowner with a basement might build his shelter for about $50 a person; he would pay at least twice as much if a contractor did the job. To sweeten the plan, shelters would be exempt from local real estate taxes and construction costs could be deducted from state income tax. "Put the overall program into effect as soon as possible," urged the study committee. "We may have less time than we think." "The legislature wouldn't pass a mandatory program like that until...
Originally, the co-ops were small, neighborhood associations set up to improve farmers' competitive position by pooling their marketing and purchasing power. When Congress in 1909 imposed the first peacetime corporate income tax of 1%, co-ops were held to be exempt as "agricultural or horticultural organizations." There were no objections, since at that time their tax advantage over other businesses was so small. Subsequently, Congress spelled it out: a co-op was totally exempt if it did half or more of its business with members and met certain other tests such as limiting dividends on capital stock...
...bearing, and payable only at the discretion of the coop, they have no market value. To head off real tax reform, co-ops now are willing for Congress to pass a new law, forcing co-op members to pay personal income tax on allocations but keeping the organizations themselves exempt. To overcome the court objections to taxing scrip, the Treasury recommends that all exempt allocations be made in cash or in certificates that would pay a minimum of 4% interest, have a maximum maturity of three years. This would, in effect, make the scrip short-term notes, give...