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

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.

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

Timeline

1. 8 May 1978

   Introduced

   Referred to House Committee on Ways and Means.

   Source: IntroReferral

2. 8 May 1978

   Introduced

   Introduced in House

   Source: IntroReferral

3. 8 May 1978

   Introduced

   Introduced in House

   Source: IntroReferral

4. 25 September 1978

   Reported

   Reported to House from the Committee on Ways and Means with amendment, H. Rept. 95-1622.

   Source: Committee

5. 25 September 1978

   Reported

   Reported to House from the Committee on Ways and Means with amendment, H. Rept. 95-1622.

   Source: Committee

6. 10 October 1978

   Passed

   Measure passed House, amended.

   Source: Floor

7. 10 October 1978

   Passed

   Passed/agreed to in House: Measure passed House, amended.

   Source: Floor

8. 10 October 1978

   Floor

   Measure called up by unanimous consent in House.

   Source: Floor

9. 11 October 1978

   Introduced

   Referred to Senate Committee on Finance.

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

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

Documents

2 official files

• Reported to House with amendment(s)

  summary · EN · 25 September 1978

  Open at official source

• Introduced in House

  summary · EN · 8 May 1978

  Open at official source

Sponsors

• Rep. Frenzel, Bill [R-MN-3] · R · Sponsor
• · ssfi00 · Standing
• · hswm00 · Standing

Related records

No cross-record relationships stored yet.