Word: tax-exempt
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CONSERVATIVE CHURCHES IRS urged by watchdog group to revoke tax-exempt status if they stray into partisan politics...
...Thursday that the Federal Election Commission is looking into whether the Forbes campaign received improper advances from Forbes Inc., the candidate's family firm. At the same time, questions surfaced about two of the candidate's top media advisers, Carter Wrenn and Tom Ellis, whose nonprofit group lost its tax-exempt status after failing to deliver on promises made to donors. Even as the scrutiny tightens, Forbes himself appears to be surging ahead. After a second poll in as many days showed Forbes ahead of Bob Dole in New Hampshire, TIME National Political correspondent Michael Duffy says it's conceivable...
This issue is not one of fairness per se, though many argue that it is not fair for a tax-exempt institution, perhaps the wealthiest university in the world, to make what some estimate to be a 600 percent profit (rather than the current estimated 30 percent) at the expense of Cambridge residents...
...father suffered substantial losses in the property market. "She felt she had to live on her meager pension and Social Security. She never spent any of it on herself." She kept some money in savings accounts, but Fay encouraged her to invest in money-market funds and tax-exempt bonds. By the early 1980s her cash flow from interest and dividends was more than $200,000 a year, which she used to buy more tax-exempt notes and bonds. These accounted for 30% of her portfolio at the time of her death...
Harvard can contribute still further, however, because of its hefty financial endowment and tax-exempt status on most other buildings, he said...