Publishing: Taxing the Tax-Exempt

For years, taxpaying publications have protested the tax-free status of competitors published by educational and other nonprofit organizations. The National Geographic, for example. Or Nation's Business, put out by the U.S. Chamber of Commerce. These magazines, operating with what was in effect a subsidy, could offer lower advertising rates. The Geographic argued that its rates were in line with other magazines, but last week the Internal Revenue Service ruled that equity, not rates, was the heart of the matter. After years of pondering, it decided that the tax exemptions should be...

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