Word: levitts
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...Senate investigation into profits on Government-sponsored postwar housing, William J. Levitt, biggest U.S. housebuilder, took the stand last week. How, asked the committeemen, had he done on the thousands of houses he had built with Government-guaranteed mortgages...
...Builder Levitt answered readily that he had done very well. On the first 4,028 houses that he built for rent in Levittown, L.I., he made a gross profit of about $5,000,000, which remained in the Bethpage Realty Corp., builder of the houses. Later he sold the Bethpage Realty Corp. to Philadelphia's Junto, a charitable organization, for $5,000,000 and thereby paid only a capital gain of 25% on his profits instead of the much higher personal income tax (TIME, March...
Republican Senator Homer Capehart promptly called the transaction another example of a "windfall" profit, i.e., one gained by inflating the value of the mortgage on the houses beyond their actual cost of construction and pocketing the difference. Builder Levitt insisted that his profit was no such thing. He defined a windfall profit as one made by a builder when he pocketed the difference between the mortgage and the building cost and still retained title to the property, thus giving him the right to additional profits from sales or rentals. In his case, said Levitt, the $5,000,000 was simply...
Marriage Revealed. Ethel Merman, 44, trumpet-voiced songstress of stage & screen (Call Me Madam); and Robert Forman Six, 45, oilman president of Continental Air Lines; he for the second time, she for the third (her second marriage, to American Weekly Publisher Robert D. Levitt, ended in divorce last year); in Mexicali, Mexico, on March...
This was the first time six of the eight men in the freshman shell had rowed before, and the first time heavy coach Bill Levitt had seen his boys under pressure. He was pleased with what he saw. The former cox and captain of the 1950 varsity crew had taken these six last fall, taught them all they know about crew, and put them into a racing shell. He hoped they would click. And they...