Education: Short of Bank Robbery

Tax-free U.S. colleges and universities make excellent heirs and business partners, as many a businessman has learned. Dozens of colleges own commercial real estate, apartment buildings and factories, some own ranches and farms. New York University gets the profits of the C. F. Mueller Co. (macaroni), while the University of Michigan operates the airport at Willow Run. Last week, the University of Louisville found itself hooked up with a race track.

The deal began back in 1946 when the directors of the prosperous Churchill Downs track, home of the Kentucky Derby, set themselves up as a nonprofit corporation called the Churchill Downs...

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