GE donates 570 Lexington.Thanks to a generous donation by General Electric Company, Columbia University Columbia University, mainly in New York City; founded 1754 as King's College by grant of King George II; first college in New York City, fifth oldest in the United States; one of the eight Ivy League institutions. will again have a presence in Midtown where the institution began. GE has decided to give the university its 50-story art deco art deco (ärt dĕkō`; är dākō`, ärt) or art moderne (är môdĕrn`, ärt) structure at 570 Lexington Avenue that is valued at around $40 million. In exchange for presenting the twothirds vacant skyscraper to Columbia, General Electric will receive a $40 million tax deduction Tax deduction An expense that a taxpayer is allowed to deduct from taxable income. tax deduction See deduction. and will not incur any transfer tax. The value of the deduction, however, sources say, will be subject to approval by the Internal Revenue Service. The deduction will be limited to 10 percent of the company's annual taxable income Under the federal tax law, gross income reduced by adjustments and allowable deductions. It is the income against which tax rates are applied to compute an individual or entity's tax liability. The essence of taxable income is the accrual of some gain, profit, or benefit to a taxpayer. , and the remainder can be distributed over the next four years. Columbia, which started in Midtown some 100 years ago, has begun to experience overcrowding overcrowding overcrowding of animal accommodation. Many countries now publish codes of practice which define what the appropriate volumetric allowances should be for each species of animal when they are housed indoors. Breaches of these codes is overcrowding. at its Upper West Side campus. General Electric will become a tenant of Columbia and the institution will use a portion of the Midtown building as a satellite location for classes, conferences and exhibitions. Those parts of the building used for educational purposes will be tax-exempt for Columbia. |
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