Word: exempted
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...sale of the aircraft company was forced on the Hughes Medical Institute by Internal Revenue Service rules governing the tax-exempt status of organizations. In 1953 Howard Hughes created the Medical Institute and gave it Hughes Aircraft as its only asset. This made the company accountable only to the institute's trustees, of which Hughes was the only one. That made Hughes Aircraft far freer than publicly owned companies to limit dividends and invest its profits as it saw fit in research and development...
...students--all male--compared to the some 6400 men and women who today call Cambridge's Ivy towers home. "Scholars," more commonly known today as students, were called by their surnames as a general rule--of course, sons of noblemen and knights' eldest sons were exempt from the restriction...
Bernal is not exempt from the psychological massage himself. When he coached swimming at Fordham University, he used to go straight from his job to the pool without changing out of his three-piece suit...
...probe of Cartier revealed that at least $260,000 in taxes went unpaid on 125 sales over three years. Warnock and Foster allegedly allowed some customers, who will not be prosecuted, to supply false non-New York shipping addresses (out-of-state buyers are exempt from sales taxes). Investigators charge that Cartier sent empty boxes to the bogus addresses, but the jewels left the store in the customers' pockets. Similar tax scams could be depriving New York State and local governments of more than $100 million in tax revenue annually; several retailers are still under investigation. Said New York City...
Radcliffe issued the tax exempt bonds through the Massachusetts Health and Education Facilities Authority, which allows educational institutions to sell bonds at a below market interest rate as long as they use the money for educational purposes...