A bill to amend the Internal Revenue Code of 1954 relating to the income tax treatment of charitable contributions of inventory and certain other ordinary income property.

Summary

Provides that the tax deduction, under the Internal Revenue Code, for charitable contributions of ordinary income property that is used by the donee solely for the care of the ill, the needy, or infants, which use is related to the donee's basis for tax exempt status, shall be reduced by only one-half of the amount of gain which would have been realized if the property contributed had been sold at its fair market value.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

No timeline events have been ingested for this record yet.

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• Introduced in House

  summary · EN · 11 March 1976

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.