Word: exempted
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...student newspaper and at least one other undergraduate organization at Columbia University have been hit by an Internal Revenue Service crackdown on political activity by tax-exempt organizations...
...Columbia Daily Spectator announced yesterday it will refuse an IRS demand that it revise its charter to forbid endorsement of political candidates. The IRS threatened last week to take away the paper's tax-exempt status if it did not amend its charter by the weekend...
Boosting Debates. The major provision limits a candidate's expenditures for air time in a general election to 7? for each vote cast for the office in the last contest. The ceiling is 3½? a voter in primaries, but presidential and vice presidential candidates are exempt from the primary limitation. In the next presidential election, therefore, the candidates will each be permitted to spend $5.1 million for radio and TV air time. In 1968, Nixon spent $12.7 million and Hubert Humphrey $6.1 million...
...consortium of Mississippi banks, two of them led by members of a presidential advisory committee on school desegregation, has loaned the Citizens Council $600,000 to operate schools in the Jackson area. Even the Federal Government seems to be cooperating. The Internal Revenue Service has granted tax-exempt status to any school that declares an open-admissions policy. IRS accepts such declarations on trust. Only eleven schools, all of which have refused to sign such meaningless statements, have been denied the tax preference...
...million of bonds will yield 8.65%, a sky-high rate by historic standards but well below the record 9.35% rate on a New Jersey Bell offering in mid-June. Some other interest rates have shown even greater declines over the same period; the average yield on tax-exempt bonds issued by states and cities, for example, has fallen to 6.16% from a record 7.12%. The "federal funds" rate at which banks borrow reserves from each other is down to 6.75% from 9.75% early this year. Even home-mortgage rates have backed off a bit from their highs, easing...