Word: tax-exempt
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...another cloud has appeared over the troubled nomination of Presidential Counsellor Edwin Meese as U.S. Attorney General: a tax-exempt Reagan Administration transition fund, headed by Meese in 1980-81, that refuses to reveal where its private donations came from and where much of its money went. The New York Times reported last week that the fund has even refused to open its books to a federal audit. The disclosure led Senate Judiciary Committee Member Ted Kennedy to ask Jacob Stein, the special prosecutor looking into allegations raised against Meese, to include the fund in his probe. A source close...
...poor "a disgrace" and charged that Meese was "a key architect" of these policies. Kennedy tried to pinpoint Meese's role in the controversial 1982 Justice Department decision to reverse more than a decade of federal antidiscrimination policy and permit Bob Jones University of Greenville, S.C., to gain tax-exempt status, although the private school had a policy of racial segregation. In the outcry after the turnabout, Reagan claimed unpersuasively that he had merely wanted to make certain that the Internal Revenue Service had the right to withdraw the tax exemption-a power that few legal scholars had ever...
Although holders of zeros receive no cash until their bonds mature, they must still pay annual taxes as the principal and interest grow. Result: tax-exempt investors like pension funds have been the main buyers of the bonds. But consumers are also snapping them up for Individual Retirement Accounts, which allow savers to defer taxes annually on as much as $2,000 of income. With this year's deadline for tax filing approaching, many investors have been finding the bonds a good place to put their cash...
...soon as interest rates for 'AAA' 30-year tax-exempt bonds drop from their current 9.5 percent level to below 9 percent. Harvard may refinance some portion of the $229 million original issue, which paid for the House and science laboratory renovations and major projects at the Business and Medical Schools...
Churches around the country are closely watching a suit brought in federal court in New York by the Abortion Rights Mobilization. It is seeking to bar churches from using tax-exempt funds or facilities to support pro-life political candidates. Washington Lawyer Lee Boothby, an authority on matters of church-state separation, thinks that if the suit is successful it could "make religious organizations much more circumspect...