| re: What's being built next to the Imperial Theater? | |
| Posted by: NewtonUK 08:53 am EST 01/03/25 | |
| In reply to: re: What's being built next to the Imperial Theater? - writerkev 08:49 am EST 01/02/25 | |
|
|
|
| My understanding, which may be incorrect, is that the Shubert Foundation was founded in 1944-45 in collusion with the Federal government, in large part to shield Shubert profits from taxation. I do not know if any money comes to the Shubert foundation other than from the profits of the Shubert organization. The Shubert Foundation owns 17 Broadway theaters and six off-Broadway venues through its for-profit arm, the Shubert Organization: Broadway theaters: Ambassador, Barrymore, Belasco, Booth, Broadhurst, Broadway, Cort, Golden, Imperial, Bernard B. Off-Broadway venues: Six off-Broadway venues The Shubert Foundation is a non-profit organization that was founded after the death of J.J. Shubert. In 1979, the IRS exempted the foundation from the rules that require charitable foundations to sell for-profit assets. The Shubert Organization leases the right to operate the Shubert Foundation-owned theaters. The Foundation ownership exempts profits of the theatres from taxation, and they flow into the Foundation. A 1994 Times article details the many many parcels of real estate that the Foundation has bought, that create more tax free income. Its a special IRS deal that makes the playing field on Broadway much less than level. |
|
| reply | |
|
|
|
| Previous: | re: What's being built next to the Imperial Theater? - writerkev 08:49 am EST 01/02/25 |
| Next: | re: What's being built next to the Imperial Theater? - ryhog 10:22 pm EST 01/03/25 |
| Thread: |
|
Time to render: 0.013490 seconds.