Word: exemption
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What does that make me? I’d like to think I’m exempt, but I am, by definition, a fair-weather fan. These teams here in Boston are good. Six titles in six years good...
...While college fraternities and social clubs are tax-exempt organizations—the A.D. bills itself as a “members only social club of alumni of Harvard University” on the tax filing—the club rents the first floor of the building to Adidas and must pay taxes on that income...
...threats from some lawmakers—notably Republican Senator Charles E. Grassley—to mandate a minimum level of endowment spending, which they say would increase college affordability. The five-percent proposal would extend to colleges and universities the level of endowment spending required of other tax-exempt charities and foundations...
...federal government can and should encourage buyers to head back into the real estate market by announcing that people who buy a home during the next year will be exempt from federal income tax if and when they later resell that home for a profit. Driven by the profit motive - and tax-free profit at that - real estate investors and others would soon begin snapping up short sales, foreclosures and any other bargains they could find. Unsold housing inventories and mortgage foreclosures would decline, and the housing market would be on its way to recovery. Good old-fashioned capitalism would...
Uncle Sam may be knocking at Mass. Hall soon. Last week, the Internal Revenue Service (IRS) announced it would seek financial records from 400 tax-exempt American colleges and universities in a continuing review of their fiscal practices. Clearly, the government remains skeptical about the lack of operational transparency in educational institutions. The 33-page questionnaire—which Harvard may or may not be selected to complete—seeks to uncover universities policies regarding everything from endowment spending to executive compensation. The decision by the IRS to gather this information is not objectionable, as they undoubtedly have...