Word: tax-exempt
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...Well over $100 million came from real estate speculation conducted by astute agents after Joe Kennedy had more or less retired from an active business role. Another substantial portion-perhaps $100 million if the managers have followed the rule of thumb applied in allocating other large fortunes-is in tax-exempt securities. The only corporate entity to which the fortune is intimately tied is the family itself. There is no highly visible family business...
...people might turn sincere overnight," Marshall said, musing on the probability of religious revival in America. He joked about pot "licenses" for marijuana acolytes and asked whether the Brotherhood's "temples." like churches, should be tax-exempt...
...foundations are also mistrusted by conservatives because many of them support liberal causes with tax-free resources. In a move that was as political as it was economic, the Senate committee departed from the House bill to substitute a .2% tax on assets for a 7½% tax on net investment income and capital gains. It also went far beyond the House bill in approving a provision requiring such "nonoper-ating" foundations as Rockefeller, Ford and Carnegie - whose main activity is making tax-exempt grants - either to dissolve themselves after 40 years or to begin paying regular corporate income taxes...
...University is planning to finance the project under Massachusetts's newly-established Health and Higher Education Facilities Authority. In essence, this authority helps universities, hospitals. etc. to finance construction at the rate of interest for tax-exempt bonds, rather than at the higher market interest rate. The authority issues bonds to finance the construction, owns the project when it is completed, and rents it to the University for a nominal fee. The bonds are then retired out of the revenues of the project-rents in the case of Shady Hill...
...financed any projects to date, and when it does, may require higher interest rates than it would have a few years ago. Present high interest levels, a flooding of the tax-exempt bond market by new issues, and investors' uncertainty of what the current tax reform proposals will do for tax-exempt bonds have all contributed to drive up the rate on this kind of bond. "We'd like to talk about five per cent, but we're forced to talk about seven per cent. When you're trying to construct a self-sustaining dormitory at Harvard or anywhere else...