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Word: exemption (lookup in dictionary) (lookup stats)
Dates: during 1940-1949
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Under either method, the first $5,000 of excess profits is taxexempt. Small corporations may carry over unused portions of their excess-profits credit from year to year, but large ones (earning over $25,000) may not. Partly exempt are the profits of mining companies, airlines. Scattered through the bill is many another exemption, qualification, abstruse gimmick. Finally, cases of "abnormalities" may be adjudicated by the Treasury's Commissioner of Internal Revenue. Since such "abnormalities" are not defined, the Wall Street Journal foresaw that corporations would pay the tax only under protest. Under such a bill, "abnormalities" will...

Author: /time Magazine | Title: TAXES: Passed at Last | 10/14/1940 | See Source »

...offered a carefully simple substitute bill (along Treasury lines), was turned down. Senator Josh Lee offered an amendment to "draft wealth" through forced loans, was turned down. But most of the debate centred on an irrelevant amendment by Senator Prentiss M. Brown of Michigan. His proposal: to end tax exemption on interest from all future issues of Federal, State and municipal bonds. Senator Brown, a liberal Democrat who is not always a New Dealer, headed a special Senate committee which has been studying the question of tax-exempt bonds all year. Fortnight ago his committee reported, and Brown seized...

Author: /time Magazine | Title: TAXES: How Not to Write a Tax Bill | 9/30/1940 | See Source »

Although it does not exempt any one from the draft, the C.A.A. does require a pledge to apply for flight training in the service of the United States. This is meant merely as an expression of the students intention and does not set a specific date of training...

Author: NO WRITER ATTRIBUTED | Title: C.A.A. COURSE IS INTENSIFIED; SUMMER SESSION TRAINS 30 | 9/27/1940 | See Source »

...Wholly exempt are: the Vice President of the U. S. (the President is not specifically exempt, because he is Commander in Chief of the Army and Navy), members of Congress, State Governors and legislators, judges in courts of record. State and Federal employes are exempt only if the President finds their work essential...

Author: /time Magazine | Title: THE DRAFT: How It Works | 9/23/1940 | See Source »

...these newlyweds were counting on the supposition that married men will be exempt from the draft; but everywhere marriage-license records were broken. In Cleveland someone started a rumor and Cupid became cupidity. "Is it true," asked young women in a flood of phone calls, "that a war veteran's widow will get no pension if she marries after...

Author: /time Magazine | Title: THE DRAFT: Mendelssohn v. Souso | 9/2/1940 | See Source »

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