Word: exempt
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Although some congressmen may have agreed with that view, "they felt it was very important to be even-handed in" executing the controversial legislation and would not exempt universities, says Director of Dispursements William G. Hoyt...
...unusual chance to shoot back once again at Washington, this time over tax reform. In one of the first legal challenges to the Reagan Administration's 1986 Tax Reform Act, the city and state governments filed suit in federal court, charging that the measure unlawfully restricts the tax-exempt status of interest from municipal bonds. Former U.S. Attorney General Griffin Bell, who is handling the plaintiffs' suit, claims that the act places unconstitutional limits on the ways that state and local governments can raise funds...
...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...
...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...