Word: nonprofitability
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...years, taxpaying publications have protested the tax-free status of competitors published by educational and other nonprofit organizations. The National Geographic, for example. Or Nation's Business, put out by the U.S. Chamber of Commerce. These magazines, operating with what was in effect a subsidy, could offer lower advertising rates. The Geographic argued that its rates were in line with other magazines, but last week the Internal Revenue Service ruled that equity, not rates, was the heart of the matter. After years of pondering, it decided that the tax exemptions should be ended...
...Aaah." The minimum purse for a standard allowance or claiming race at Aqueduct ($3,500) has not been raised in 20 years simply because the tracks cannot afford to; by law they are nonprofit operations, and all they do is break even. In those same 20 years, the basic cost of keeping a race horse in training has gone up from $8 per day to as much as $22 per day. In addition, every time a veterinarian makes his horse say "Aaah," the owner shells out $25; blacksmiths get $18 for putting on a pair of horseshoes, jockeys...
...taxpayers last week greeted April with understandable melancholy. By the 17th of the month (the 15th falls on Saturday this year), they must part with something near and dear to each of them-money. This year, according to the Tax Foundation, Inc., a nonprofit study group, the average American family will fork over $3,300 to federal, state and city tax collectors. That is $269 more than the median family in come in 1947. Overall, the foundation predicts, U.S. individuals and companies will hand out $203 billion, better than double the amount of fiscal...
...tolerating CO's. Not only have the laws regarding who is eligible for CO status been greatly liberalized, but also an alternative service program has been created which allows CO's to pursue interesting and rewarding work. The only limitation on alternative service is that it be for a nonprofit organization...
...first patients was the teen-age granddaughter of wealthy Shipbuilder Robert I. Ingalls. Dr. Callahan straightened the girl's crossed eyes, and on a hunch sent no bill. When Ingalls insisted on a settlement, Dr. Callahan told him that he would prefer some help toward starting a nonprofit hospital for eye patients. "How much?" asked Ingalls suspiciously. "Mr. Ingalls," said the doctor with studied boldness, "you're not noted for being a generous giver...