Word: tax-exempt
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...student newspaper and at least one other undergraduate organization at Columbia University have been hit by an Internal Revenue Service crackdown on political activity by tax-exempt organizations...
...Columbia Daily Spectator announced yesterday it will refuse an IRS demand that it revise its charter to forbid endorsement of political candidates. The IRS threatened last week to take away the paper's tax-exempt status if it did not amend its charter by the weekend...
...Spectator is currently chartered as a tax-exempt corporation with the explicit right to endorse political candidates. An IRS spokesman said they must have "overlooked" that provision when they approved the Spectator's tax-exempt status five years ago. The paper endorsed Nelson Rockefeller in the 1966 New York gubernatorial election and Eldridge Cleaver for president...
...regulations forbid any tax-exempt organization to endorse political candidates or attempt to influence government legislation...
...million of bonds will yield 8.65%, a sky-high rate by historic standards but well below the record 9.35% rate on a New Jersey Bell offering in mid-June. Some other interest rates have shown even greater declines over the same period; the average yield on tax-exempt bonds issued by states and cities, for example, has fallen to 6.16% from a record 7.12%. The "federal funds" rate at which banks borrow reserves from each other is down to 6.75% from 9.75% early this year. Even home-mortgage rates have backed off a bit from their highs, easing...