Word: exempted
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...loopholes in the taxing of business activities of universities appears very likely following the adoption last week of some proposals on the subject by the House Ways and Means Committee. The House group favors the taxing of unrelated businesses owned by colleges and of profits made by a tax-exempt institution when it buys a property with borrowed money and then leases it back to the original owner on a long-term basis...
...face of all this criticism, the Association of American Universities issued a statement urging education institutions to avoid investments that would jeopardize their tax-exempt status...
Last week in Washington the United States Tax Court gave N.Y.U.'s macaroni a fresh bend. It ruled that the C. F. Mueller Co. (as reorganized for N.Y.U.'s benefit) was not exempt from paying federal corporation income taxes, owed Uncle Sam $136,438.62 for a four-month period in 1947. Said the court: such an exemption could have "a vicious effect upon nonexempt competitors." Said the Mueller Co.: it would appeal to a higher court...
...N.Y.U., they were following a path already partly blazed by others. In a search for bigger & better returns on endowment money, some U.S. colleges and universities have been buying into all sorts of enterprises, from real estate to department stores, thus giving income from the properties their own exemption from corporation income taxes. If New York University's new macaroni factory could thus become tax exempt, its macaroni would go to market with a tidy advantage over most of the rest of the industry, make a properly tidy return to N.Y.U...
Radios and phonographs will be exempt from charge...