Word: cashes
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Dates: during 1960-1969
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Pause That Refreshes. In Cincinnati, among their new contract demands, members of Local 44 of the Iron Workers Union asked for an extra hour's pay to cover the time it takes to cash their paychecks...
...exempt if it did half or more of its business with members and met certain other tests such as limiting dividends on capital stock to 8%. If it did not meet these requirements, it was still exempt on its regular income if it was paid out to members in cash or in shares simply allocated to them on the books. Such allocations do not bind the coops, which can redeem them in cash when and if they want to, even lose the money without a comeback from members. Only when a member finally gets cash is the co-op income...
...profits until they quit farming or die. F.U.G.T.A. has not only expanded its own elevators and feed mills, but bought out privately owned, tax-paying businesses unable to compete. Since 1950, F.U.G.T.A.'s annual reports show $29 million in profits and only $9,000,000 distributed as cash to members, the rest plowed back into the business...
...over bitter co-op protests, Congress tried to close the co-op loophole by providing that co-op members pay personal income taxes on allocated profits even though they got no cash. But the courts ruled against this, holding that such allocations are untaxable because, being nontransferable, non-interest bearing, and payable only at the discretion of the coop, they have no market value. To head off real tax reform, co-ops now are willing for Congress to pass a new law, forcing co-op members to pay personal income tax on allocations but keeping the organizations themselves exempt...
...Manufacturing Co. and Brunswick-Balke-Collender Co. recently made offers to Chris-Craft Chairman Harsen Alfred Smith (TIME cover, May 18, 1959). This week the prize was won by NAFI Corp. (formerly National Automotive Fibres), which has diversified into oil and television. The price: $40 to $45 million in cash. NAFI is controlled by the Wall Street brokerage firm of Shields & Co., one of whose partners is famed Yachtsman Cornelius ("Corny'') Shields Sr. (TIME cover, July...