Word: exempted
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Affected were all the wells (except salt water producers) in the State's prorated area. Exempt were "strippers" which produce less than 25 bbl. per day. Hardest hit by the order were the flush fields of Oklahoma. City (30 sq. mi.) and Greater Seminole (40 sq. mi.). With one pen squiggle Governor Murray had reduced the daily flow of Oklahoma oil from 425,000 bbl. to less than 150.000. To newsmen he declared: "The State's natural resources must be preserved and the price of oil must go to $1. Now don't ask me any more...
...publishers and Canadian newsdealers (TIME, June 15), was made even more stringent last week by Premier Richard Bedford Bennett. The original plan, to be effective Sept. 1, imposed a duty of 15? per Ib. on all periodicals other than educational, scientific or religious. The new schedule admits the exempt classification if they contain 20% or less of advertising. Magazines with more than 20% advertising must pay 2? tax per copy; over 30%, 5? per copy. Nearly all magazines entering Canada from the U. S. carry more than 30% advertising...
TIME's error. But compensation received from a State or political subdivision thereof is exempt from Federal income taxation...
...Lady Houston's first spectacular gesture. Shortly before his death in 1926, and in anticipation of heavy inheritance taxes ("death duties"), Sir Robert moved their home to the Isle of Jersey whose inhabitants are generally exempt from such taxes. In a protracted legal wrangle the Government tried to collect the taxes from the widow. Adjudged insane, Lady Houston engaged a staff of alienists to prove the contrary. Then one day she lunched with Winston Churchill (then Chancellor of the Exchequer) and handed him a check for ?1,500,000-the amount of the taxes...
...expenses could be brought about by issuing a coupon book similar to the present H. A. A. book but designed solely for the participator. The coupons could pay for lockers towels and the maintenance of athletic equipment. Members of university teams and freshmen taking compulsory exercise would naturally be exempt from the upkeep charges. The price of these coupon books should be moderate so that those men, whose studies and laboratory work allow only intermittent exercise could benefit by the saving incurred in using all the coupons. A system such as this would do much to eliminate the present inequalities...