Report Card

P: In Manhattan, the U.S. Tax Court rendered a decision that should delight many a U.S. scholar. In a suit brought by a Guggenheim fellow who did not like the idea of paying a $178 tax on his $1,000 grant, the court ruled: such grants are not income but gifts; no tax need be paid.

P: Harvard, richest of U.S. universities, was getting richer by the minute. Last week it announced that its endowment fund hit a new high of $365,011,619--a jump of $57 million in just one year.

P: The faculty of the Bethpage, N.Y. School put its collective foot down. From now on, it ruled, coeds will not be allowed in class wearing curlers.

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