Word: tax-exempt
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...explosive this investigation could be was revealed last week, when Independent Counsel Lawrence Walsh secured the scandal's first guilty plea, one that led uncomfortably close to the Oval Office. Conservative Fund Raiser Carl ("Spitz") Channell admitted he had conspired to defraud the Government by using a tax-exempt "charitable" foundation to send military supplies to the contras. He named former National Security Council Aide Lieut. Colonel Oliver North as his "co-conspirator." North had not only helped persuade donors to give to Channell but had also successfully urged Ronald Reagan to thank many...
Financial advisers are divided about whether a postreform IRA makes sense for people who can no longer claim the full $2,000 deduction. Some money managers point out that the same limited tax break can easily be found in a tax-exempt municipal bond. Unlike the IRA, it imposes no penalties for early withdrawal. But some workers, at least, are still happy with the prospect of a stripped-down IRA. Richard Brody, 57, a New York City-based department-store buyer, plans to contribute to his retirement account next year even though he will be entitled to no tax deduction...
Rehnquist voted alone for the right of segregated private schools to tax-exempt status, and in the 33 cases where he voted in favor of a race discrimination complainant, 31 were so clear the court was unanimous, the study said. In 14 civil rights cases where he cast the crucial vote, he went against the civil rights litigants, it contended...
Think tanks are privately funded, nonprofit, tax-exempt foundations dedicated to public-policy research. Traditional ones may be slightly to the right or to the left of center, but they have made a show of evenhandedness in presenting their research. In the depths of their Washington buildings, ideas simmered until they percolated into books and monographs that laid the foundation for legislation. "These groups," says James A. Smith, a historian at the Twentieth Century Fund in Manhattan who is writing a book on public-policy organizations, "were inspired by the belief that people of divergent political viewpoints and interests could...
...success of the advocacy tanks has spawned other tax-exempt offshoots. One new hybrid, which mixes the role of a think tank with that of a political- action committee, is connected to candidates with presidential aspirations. Then there are the "vanity tanks," whose existence centers on an individual, typically the founder. One example: the Ethics and Public Policy Center, founded by Ernest Lefever. Whether such organizations can survive after their original leader is gone is unclear. The Hudson Institute, Herman Kahn's future-oriented think tank, went through a precarious time financially after Kahn's death in 1983, and still...