Word: exempted
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Antenor No. 2. Cristina's Antenor is the son of the late Bolivian Tin King Simón Patiño. Though the Patino holdings have been estimated at a comfortable $1 billion, Antenor has never been profligate (he once put in several tax-exempt years as Bolivia's ambassador to London). Cristina managed, however, to separate him from an even half-million dollars after a 1944 separation, won a court judgment for another $500,000 by proving some indiscretions with a brunette model named Francesca Simms in 1945. This irritated Antenor to the point of trying...
...gifts of $100 in mutual fund shares, Kidder, Peabody would furnish a green-edged gift certificate listing the shares purchased. The firm reminded parents such shares yield from 3½% to 6%, hinted there was no reason to limit purchases to $100: gifts up to $3,000 are exempt from gift taxes...
...Union College of Schenectady bought, for $16,150,000, the buildings of Allied Stores Inc., and leased them back to the company. Soon other colleges were buying not only real estate but commercial businesses as well. So many U.S. stores and other enterprises have sold their property to tax-exempt institutions* that the Treasury is now losing an estimated $1 billion a year in income taxes. A survey by the American Council of Education shows that about 40% of all university and college endowment funds are now invested in such private enterprises, compared to only 20% before...
...Treasury's biggest headache has come from deals where tax-exempt institutions acquire not only the property, but the actual business as well. The Council found that 159 colleges and universities are buying commercial enterprises out of endowment funds or with the tax-exempt earnings of businesses they have taken over. Example: New York University takes all the profits from the C. F. Mueller Co. (macaroni, spaghetti & noodles), Ramsey Corp. (piston rings), the $3,300,000 American Limoges China Inc. and the $35 million Howes Leather Co. On their earnings the companies would be paying all told an estimated...
...Among the deals: Manhattan's Western Union Bldg. to Omaha's tax-exempt Woodmen of the World Life Insurance Society, for $12.5 million; Philadelphia's Lit Bros. store to the University of Pennsylvania, for $3,000,000. Wheat Farmer Thomas D. Campbell's huge Montana ranch to the U.S. Wheat Corp. of Omaha, owned by a Catholic foundation...