A bill to amend the Internal Revenue Code of 1954 to remove certain limitations in the case of charitable contributions of literary, musical, or artistic compositions, or similar property.

Summary

Amends the Internal Revenue Code to allow an income tax deduction for the current fair market value of a literary, musical, or artistic composition created by the personal efforts of the taxpayer and contributed to a charitable organization. Disallows a fair market value deduction for a contribution of property which was produced while the taxpayer was a Government officer or employee if such property arose out of the performance of the taxpayer's duties. Requires, as a condition of eligibility for a fair market value deduction, a statement by the donee of such property that the property has artistic, musical, or literary value, and that the donee will use the property in a manner consistent with the purpose of its organization.

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Documents

1 official file

• Introduced in House

  summary · EN · 5 January 1981

  Open at official source

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