Word: exempt
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Dates: during 1970-1979
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...specific issue of proxy battles, the Austin Committee noted that the University "need not remain passive in the face of substantial evidence that the company is acting in an antisocial way," but warned against joining forces "with other large, tax-exempt organizations in policing the conduct of business corporations...
Balk points out that Manhattan's 77-story Chrysler Building pays no property tax because its collegiate owner, Cooper Union, has an 1859 charter from the state legislature granting permanent exemption. The Chrysler Building will soon lose its distinction as the world's tallest tax exemption to the 110-story World Trade Center, now rising, says Balk, "like a tombstone over the tip of downtown Manhattan." The twin towers are being built by the quasi-public Port of New York Authority, which is tax-exempt but will make a token payment for city services...
Obvious Abuses. Inexplicable inconsistencies abound. Pennsylvania exempts properties owned by the American Legion and Veterans of Foreign Wars, but the Elks, Moose, Eagles and Masons must pay taxes on their properties. The Lutheran Church's profit-making Augsburg Publishing House in Minneapolis is exempt, but Nashville's assessor has denied exemption to similar publishing enterprises of Methodists, Baptists and Seventh-day Adventists. The Holiday Inns at Greenville and Boaz, Ala., pay no taxes because the municipalities own them. The University of Michigan earns a tidy income from Willow Run Airport, on which it pays no property taxes; Michigan...
...made clear its determination to force the New York and American stock exchanges to extend negotiated commissions to all trades above $100,000. It is being prodded by the Justice Department, which has a voice in the matter because of Supreme Court decisions that hold the exchange is not exempt from antitrust laws. Commission cuts are likely to become deeper as well as wider. Some small brokerages have announced that on big-block trades they will negotiate commissions as low as a penny a share v. 23? for an average-priced stock under the old fixed-rate structure...
...acting in an antisocial way." Indeed, the report continues, the University "may properly, and sometimes should, attempt to influence management in directions that are considered to be socially responsible." But the University should not itself litigate or solicit proxies; it should not "join forces with other large, tax-exempt organizations in policing the conduct of business organizations." No leadership role for Harvard; no obligation to consider questions of social responsibility. That is the Austin Committee's message...