Word: exemption
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Dates: during 1940-1949
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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...
...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...
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...
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...