When alumni and friends of New York University bought a macaroni factory in 1947 and dedicated the profits to N.Y.U., they were following a path already partly blazed by others. In a search for bigger & better returns on endowment money, some U.S. colleges and universities have been buying into all sorts of enterprises, from real estate to department stores, thus giving income from the properties their own exemption from corporation income taxes. If New York University's new macaroni factory could thus become tax exempt, its macaroni would go to market with a...
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