Radio: No Laughing Matter

Amos 'n' Andy started it last September when they left NBC and sold their show to CBS for $2,000,000. The Bureau of Internal Revenue examined this complicated deal and agreed that the $2,000,000 was subject to a capital-gains tax (25%) instead of personal income tax (up to 77%).

CBS, dangling the juicy bait of tax savings before other NBC stars, soon made off with Jack Benny. Bing Crosby, Edgar Bergen, Phil Harris, Fibber McGee & Molly, and Red Skelton were reported planning to join the exodus to CBS. This week the tax collector cut the gossip short. He had bad news for...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!