Word: exempt
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...social purposes. When Congress wanted to encourage oil exploration, it granted the oil-depletion allowance that originally permitted drillers to write off their first 27½% of profits; when it wanted to encourage ordinary citizens to arrange their own pensions, it authorized Individual Retirement Accounts and Keogh plans, which exempt certain types of savings and investments from taxation. Even the exemption for the interest on home mortgages is a form of tax shelter. All are perfectly legal. Tax avoidance-in contrast to tax evasion-is the term for all such legitimate efforts to keep taxes to a minimum...
...municipal contract to a relative of a government employee. Violations are punishable by fines up to $1,000. To clear the air, Selectman Alan Wilder (who is also on the board of health and the planning, cemetery, police and conservation commissions) last week asked the legislature in Boston to exempt Cuttyhunk from the antinepotism provision. "You can't get anything fixed," complained Wilder...
...rejuvenation of the club was completed in 1950 with the establishment of the Harvard Club of Boston Foundation, a tax-exempt organization, which now annually donates about $100,000 to the College's financial aid budget. "Our getting behind the University and really supporting it resuscitated the club immensely," Mittell says...
...issue is a law that requires banks and other financial institutions, beginning July 1, to withhold 10% of interest and dividend payments for tax purposes. (The first $150 of interest income is exempt; the poor and the elderly get special treatment.) Unexpectedly passed last year as part of President Reagan's $98.3 billion tax package, the measure has provoked intense reaction. Spurred on by the A.B.A., banks posted flyers and distributed hundreds of thousands of postcards and letters to customers urging repeal. Sample slogan: "The Government will be picking the taxpayers' pockets...
Officials did not indicate, however, how many freshmen would choose to live off-campus next year, or how many would be exempt from this year's lottery for medical reasons...