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Article: PTL Tax Exemption Is Rescinded by IRS; Limited Deduction Allowed If Ministry Appeals Decision
- Article from:
- The Washington Post
- Article date:
- April 23, 1988
- Author:
CopyrightThis material is published under license from the Washington Post. All inquiries regarding rights should be directed to the Washington Post. (Hide copyright information)
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The Internal Revenue Service yesterday stripped PTL of its
exemption from federal taxes, a move likely to dry up contributions
that the beleaguered television ministry says it desperately needs to
survive.
The IRS warned PTL supporters that their contributions are no
longer tax deductible "effective immediately," though a limited
deduction would be allowed while PTL appeals the decision, if it
chooses to. A PTL spokeswoman said the ministry's lawyers would
"review the options" over the weekend and announce Monday whether
they would appeal the IRS move. A decision will be announced on the
ministry's television program, "The New PTL Club."
The revocation is the most serious financial ...