Word: exempt
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Dates: during 1980-1989
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...country of much needed funds for investment -- he intends to nationalize all banks and insurance companies and shut down private currency- exchange houses. Furthermore, selling dollars in the streets would be made a criminal offense. Only foreign banks with branches in Peru, such as Citicorp and BankAmerica, would be exempt from the nationalization...
...were not just blowing smoke. Since the ban went into effect, some bistro owners have lost up to 30% of their customers to restaurants in nearby towns that permit them to puff away at will. But there was a loophole in the smoke ring: bars and cocktail lounges were exempt from the law. Soon many of Beverly Hills' toniest dining spots were sporting makeshift signs proclaiming that they too were "bars." Customers who objected to the flouting of the law, which mandates a $500 fine for violations, were politely invited to call the cops themselves -- from a telephone outside...
...Bakkers' high living had caught the eye of the IRS long before the PTL scandal finally broke. In 1981 the agency launched a two-year inquiry into the ministry. Then, in a confidential 1985 report, the taxmen recommended revocation of PTL's tax-exempt status, retroactively to 1980. Reason: the IRS believed the organization did not operate exclusively for tax-exempt purposes and that part of its income personally benefited the Bakkers and others...
...family: eight members are on the payroll. Among them is his wife Arvella, who is executive program director of the Hour of Power; she is secretary of the 20-member Robert Schuller Ministries board. Her salary: $50,000. Schuller gets a salary of $80,000 and tax-exempt housing allowances of $43,500. The couple owns one home and three condos, and the ministry has extensive real estate holdings. Schuller draws no royalties from books and tapes sold by his ministry, but royalties from commercial book sales have garnered him some $2 million in the past 25 years...
...House Ways and Means oversight subcommittee has also launched an investigation into the tax-exempt status not only of PTL but also of ten other major televangelist organizations. The committee has asked PTL representatives, among others, to appear at a hearing, probably in September. Texas Democrat J.J. Pickle, a member of the committee, last week met with the eleven religious broadcasters involved in the probe, including Falwell and Preacher Jimmy Swaggart of Baton Rouge, La., to question them closely about TV ministries' finances...