A bill relating to the income tax treatment of charitable contributions of inventory and certain other ordinary income property.

Summary

Amends the Internal Revenue Code to provide that in the case of charitable contributions of property by a corporation, the amount of the charitable deduction need be reduced only by one-half of the amount of gain which would not have been long-term capital gain if the property contributed had been sold by the taxpayer at its fair market value, rather than the entire amount of such gain if: (1) the use of the property by the donee is related to its charitable function; (2) the property is not transferred by the donee for consideration; and (3) the taxpayer receives a written statement from the donee of conformance with the requirements of (1) and (2).

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Documents

1 official file

• Introduced in House

  summary · EN · 11 May 1976

  Open at official source

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