Word: ops
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Dates: during 1960-1969
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Originally, the co-ops were small, neighborhood associations set up to improve farmers' competitive position by pooling their marketing and purchasing power. When Congress in 1909 imposed the first peacetime corporate income tax of 1%, co-ops were held to be exempt as "agricultural or horticultural organizations." There were no objections, since at that time their tax advantage over other businesses was so small. Subsequently, Congress spelled it out: a co-op was totally exempt if it did half or more of its business with members and met certain other tests such as limiting dividends on capital stock...
...Many co-ops have spread far afield of agriculture, own oil wells, tankers, insurance companies, banks, paper mills, lumber yards, phone companies, hospitals and even mortuaries. The Consumers Cooperative Association, a farm organization headquartered at Kansas City, owns three oil refineries, 1,000 or so oil wells, 935 miles of pipelines, three fertilizer plants, two feed mills, a steel-fabricating plant, a paint and grease factory and a packinghouse, counts assets of $118 million. Grossing $154 million last year, Consumers had a net of $10.3 million. It paid only $1,237,000 in taxes, less than one-fourth the federal...
...workers on Vallejo's Twenty Roses and Camilo Cienfuegos cooperative farms last week collected their pay-about $2.70 a day, up $1 from the old scale - and happily lined up to buy ice cream or have their pictures snapped, at 25? each. "We are comfortable," said Co-op Laborer Elinai Proenza...
...Villas province's 30,000-acre Washington Sugar Central, the entire destinies of 4,000 co-op farmers are controlled by a 23-year-old ex-schoolteacher; so far, he has concentrated on sewing lessons for young girls, close-order drill for a "sanitation corps" of boys. The practical effect, says a U.S. plantation foreman, has been to "set Cuban agriculture back five years." In Oriente province INRA plowed up 20,000 acres of ranch land for truck farming-then learned that there was no way to irrigate the parched land...