Televangelism: The PTL's Day Of Reckoning

The PTL's Day Of Reckoning

The financially troubled PTL ministry that Jim and Tammy Bakker abandoned amid scandal last spring heard from its biggest creditor last week. As thousands of claims were filed against the ministry to meet a deadline imposed by a federal bankruptcy court, the Internal Revenue Service came in with its long-awaited bill. PTL accountants had estimated the organization's tax debt at $5 million. That is peanuts compared with the Government's primary claim: $61.8 million, nearly a third of the ministry's $170 million in assets -- a sum that more than doubles the PTL's debt load.

The ministry is also involved in a...

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