Word: exempted
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...number of years, undergraduate organizations have ridden a unique gravy train: using tax-exempt lecture halls, they show motion pictures with the frank objective of making profits. But now they face a double squeeze. Film distributors, knowing that student showings hurt attendance at local commercial houses, say they will no longer give the groups 16 millimeter releases, while the Dean's Office, fearing that profits endanger the University's tax status, has become increasingly wary of the motives involved...
...permit greater earnings after retirement without loss of benefits, e.g., to exempt the first $1,000 of a beneficiary's annual earnings under the retirement test, which now cuts off payments for any month in which the retired person earns more than...
...year. ¶ "Double taxation" of dividends (i.e., the corporation pays taxes on its income and then the individual pays taxes on the dividends) will be gradually reduced. The first year the new code is in effect, the first $50 of an individual's dividend income will be exempt; the second year, $100. On the remainder, the taxpayer will be allowed to subtract 5% of his dividend income from his tax bill during the first year the law is in effect, 10% the second year, 15% thereafter. This will save dividend-collecting taxpayers $240 million the first year...
They were drafted for the most part because local boards thought it unjust that Johnny Jones down the next-door neighbor was entering his third year of draft-exempt graduate study. And the drafting will continue until Selective Service leaders outline a uniform, nationwide policy on exemptions. Local boards will argue that the immediate injustice done to Johnny Jones and his family outweighs the long-range national benefits of highly trained scientists. England, mindful of the critical need for advanced scientific talent, gives its graduate students blanket deferments...
...rarely photographed and his name does not even appear in Who's Who in America. He refused to see Reporter Bagdikian, but he did talk to him over the phone and answered some written questions. As a "nonprofit national educational organization," Hunt's Facts Forum is tax exempt, and Hunt's contributions are deductible from his personal income tax. Furthermore, Facts Forum's radio-TV programs, run as a "public service," thus get more than $1,000,000 a year in nationwide free time (it has only a few local sponsors...