tax-exemption
The July 13 cover of Bloomberg Businessweek that's come under fire from Mormon leaders.
The Mormon church is lashing back at a business magazine that parodied their prophet’s mission and portrayed the church as lucratively rich but miserly with charitable donations.
A lengthy story in Bloomberg Businessweek that hits newsstands on Friday details The Church of Jesus Christ of Latter-day Saints’ vast financial holdings, from a $2 billion mall in Salt Lake City to a $1 billion ranch in Florida.
Reaction to the magazine’s cover has overshadowed the article, however. The illustration satirizes the moment when Mormons believe John the Baptist bestowed the priesthood on Joseph Smith, the faith's founding prophet.
In the parody, John the Baptist tells Smith, “and thou shalt build a shopping mall, own stock in Burger King, and open a Polynesian theme park in Hawaii that shall be largely exempt from the frustrations of tax ...” Smith answers, “Hallelujah.”
LDS church spokesman Michael Purdy said the magazine cover is “in such poor taste it is difficult to even find the words to comment on it.”