Word: exempted
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...sell & leaseback" deal was doubly advantageous. Yale would get a fairly sure tax-exempt income of 5.3% on its investment. Macy's would get its $4,500,000 out of dead brick & mortar into lively working capital, still have the use of the building. Since the rent is taxexempt, it is probably lower than Macy's would have to pay to a taxpaying owner...
Harvard is much better off than today's average U.S. colleges or university, but is still not exempt from financial worries. The 1948-1949 Financial Report revealed an excess of almost $500,000 of income over expenses, but this surplus was gained only by eating into reserve funds to pay off the debts of such deficit departments as the Athletic Association, the library, and five graduate schools. Moreover, there is no assurance that there will be any overall surplus next year...
...tangle of hawthorn. She promptly resolved to clean it up, and every day thereafter from lunch until tea time, Britain's Queen Mother led a party armed with pruning shears, billhooks and mattocks, against the undergrowth. "No one who came to Badminton, whatever their rank or position, was exempt," says her latest biographer. "Queen Mary . . . worked with a will herself, lopping off branches, all the time keeping an eye on the rest of the party, making sure that no on-flagged...
Some critics seized on the fact that the U.S. play was co-sponsored by Britain's Arts Council, and tax-exempt as a cultural offering by a non-profit-making producer. They demanded an airing in Parliament. With tickets selling into January, an official of the producing firm asked plaintively: "How did we know the thing was going to make money...
...years since, he had risen to a position of power. As the dominant member of the Federal Power Commission for the past ten years, he had toughened Government regulation of utilities, helped cut wholesale natural gas and electricity rates by $40.6 million a year, successfully fought legislation to exempt the rich natural-gas business from federal control. In short, he had made himself the power lobby's No. 1 candidate for political electrocution...