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United States · Bill · HR

H.R. 11880 (95th)

A bill to amend section 4941 of the Internal Revenue Code of 1954.

referredUnited States· United States Congress· EN

Introduced

5 April 1978

Last action

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Status

Referred to House Committee on Ways and Means.

Sponsors

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Subjects

Discovery layer

Source updated

1 August 2024

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Summary

Amends the Internal Revenue Code to exempt trustee services by tax exempt foundations for disqualified persons from excise tax treatment as self-dealing where: (1) the service is pursuant to an irrevocable trust established before October 9, 1969; (2) the foundation's chartering State forbids it from acting as a trustee where it has no beneficial interest; (3) the foundation receives reasonable compensation for its services; (4) the disqualified person's status as such arises solely from the trust instrument.

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Documents

1 official file

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