Word: nonprofit
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Dates: during 1960-1969
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That tax loophole allows "educational" and other nonprofit groups to escape any Government bite on their publishing income. Caplin is not alone in his complaint. Democratic Congressman John Schmidhauser of Iowa has been prodding the IRS and the Treasury Department for months, pleading with them to tap a source of revenue he estimates at $110 million yearly. The stalling, suggested Schmidhauser in a House speech, comes from senior bureaucrats' "unwillingness to step on powerful toes." Republican Glenn Cunningham of Nebraska made it a bipartisan fight. "This is no matter on which reasonable men can differ," said...
...burial. But the sisters seem preoccupied with their legal battle to break Billy's will, specifically the part that left the bulk of the estate-made up largely of A.T. & T. stock and assorted real estate-to the Billy Rose Foundation, which he set up in 1958 for "nonprofit and exclusively religious, charitable or educational purposes...
...behind-the-scenes forces that have molded America's military muscle, none have been more influential-and few more mysterious-than California's Rand Corp., a private, nonprofit "think tank" located in a plain white building in Santa Monica. And of all the high-powered highbrows who have helped build Rand (for Research and Development), no one has been more effective than silver-haired, rough-featured Franklin R. Collbohm, 59, head of the organization since it was created under the patronage of Army Air Forces General Henry H. ("Hap") Arnold 20 years...
Early this year, the Philadelphia Bar Association organized Community Legal Service, Inc., a nonprofit corporation financed by nearly $750,000 in OEO funds. The service proposed to open twelve neighborhood law offices under a 20-man board of directors, including four leading lawyers and seven representatives from the slums. When a sizable minority of lawyers opposed the plan, the issue was turned over to Judge Raymond Pace Alexander of the Court of Common Pleas. After long hearings, Judge Alexander handed down a detailed decision upholding the service as not only lawful but also thoroughly beneficial to the community...
Supposed Properties. Houston Endowment Inc. is a $400 million nonprofit foundation set up by the late Jesse Jones, onetime U.S. Commerce Secretary and owner of the Chronicle. Recently, the trustees of the foundation, notably President J. Howard Creekmore, became anxious to convert the paper and other Endowment holdings into cash; last December they happily accepted an offer of $85 million from Mecom. In return, Mecom was to get the Chronicle, the well-located Chronicle Building and Rice Hotel, and a 30% controlling interest in the Texas National Bank of Commerce, second largest in town. Mecom...