Word: exempt
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...twin pipelines that the British-managed (and British-French-Dutch-U.S.-owned) I.P.C. operates between its Iraq fields and Lebanon's Mediterranean port of Tripoli. The Lebanese in 1944 gave renewed approval to an old agreement to 1) let I.P.C. run its pipes through their country, 2) exempt the company from taxation, 3) submit all disputes to arbitration. In 1947, I.P.C. began paying transit fees to Syria and Lebanon, through which its pipelines ran. Though the lines traversed Syria for 263 miles, Lebanon for only 20, I.P.C. paid each the same amount (about...
...hearing came "perilously close" to being an effort "to intimidate a man for writing what he believes." There was no doubt that the committee's heavyhandedness had weakened its case. Likewise, there was little doubt that Congress had every right to eye the major activities of a tax-exempt foundation, that the hearing had strongly suggested that Cogley's report was inept journalism at best. As Reporter Woltman put it: "Any newspaper that proceeded the way Cogley did would be subject to grave criticism...
SEChairman Armstrong himself estimates that one-third of all small issues are "questionable" at best. Yet under current SEC practice, offerings of less than $300,000 are exempt from the full disclosure requirements of standard company issues. Furthermore, unlike the larger companies whose officers are liable under civil law for misstatements of fact, issuers of exempt securities are not held accountable except under federal fraud statutes...
...York Stock Exchange President Keith Funston made another objection: adoption of the annuities might make insurance "a vehicle for avoiding taxes on common stock investments." Funston explained that while individual investors pay capital gains taxes plus 16% to 87% tax on dividend income, insurance companies are exempt from capital gains and pay only an estimated 7.8% on net investment income. This might turn variable annuities into a tax dodge, he said, and "might even spark congressional action to reduce or remove the advantageous tax treatment of all life insurance companies...
Only those who live it up from moment to moment are exempt from this curse. Chief of these is the prettiest little existentialist in existence, Annette