Word: taxing
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Dates: during 1960-1969
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...former owner of a private business-administration school (and also, by no coincidence, Robert O. Hayes's father). The two were drawn together by the idea of bringing foundations to the average well-off citizen. If such big shots as the Kennedys and the Johnsons could set up tax-free trusts and foundations, why couldn't the middle shots? After examining the legal details with care, Walsh and Hayes concluded that there was no reason in the world why they couldn't. Through ABC, the two have undertaken to spread their discovery to anyone willing...
...this he pays no income tax, since ABC contends that it legally amounts to expenses and grants of the charitable foundation. The result is that the salary he used to earn and get taxed on is now protected; he pays taxes on only a fraction. When he dies, he leaves no large estate to be taxed; the money is still in the foundation, which has merely lost its most treasured trustee but which can easily replace him with someone else like, say, his son. The obvious attractions of the idea have brought ABC at least 250 members...
Vague Warning. The trouble is that, under existing laws, advance approval by the Internal Revenue Service is not needed to form a tax-free foundation. To start up, all that a hopeful foundation founder has to do is to satisfy a few state-set requirements, and they are usually not very stringent. Says Patman: "The IRS tries to give the impression that it double-checks all foundation operations. Nothing could be further from the truth. Only a very small fraction are checked in any given year." But IRS is now warning that it has "doubts about the legality...
...Islip's surging land boom. Their favorite stunt was to buy residential land around Islip, rezone it for business, and then sell at a handsome profit. It was a coordinated effort. In one instance, the paper discovered, Town Attorney Walter Con-Ion, who was later appointed a state tax commissioner, drew up a resolution relaxing zoning restrictions on land he had bought in partnership with a Long Island hoodlum. Town Councilman Donald Kuss then introduced the resolution before the town board and pushed it through. Conlon's company made a $64,000 profit; Kuss was paid...
...been shaken was proved in November, when a Democratic administration was elected in Islip for the first time in 32 years, by a 2-1 margin. Republicans were overturned in two neighboring towns as well. Last month Conlon was indicted on charges of bribery and resigned from his state tax job. Kuss was also indicted on the same charges; McGowan and several other Republicans have been ousted from both county and party jobs. There was some grumbling that Publisher Bill Moyers, late of the White House, had launched the investigation to embarrass Republican Governor Nelson Rockefeller, a possible opponent...