Tax-Exempt Firm Gets $600 Million Profit Flying First Class

Tax-Exempt Firm Gets $600 Million Profit Flying First Class

Stephen Lovekin/PA Wire via AP Images

The U.S. Polo Association tells the IRS its tax-exempt status is allowed because its purpose is to govern the sport of polo in America. Here, the 3rd annual Veuve Clicquot Polo Classic on Governors Island in New York City.