A bill to amend the Internal Revenue Code of 1954 to permit the Secretary of the Treasury to extend, under certain circumstances, the 5-year period within which private foundations must dispose of excess business holdings.

Summary

Amends the Internal Revenue Code to authorize the Secretary of the Treasury to grant one or more extensions of the five-year period within which tax-exempt private foundations must dispose of excess business holdings. Requires the Secretary, in granting or denying an extension, to consider, among other factors: (1) whether the private foundation has in good faith taken reasonable steps to dispose of such holdings throughout the initial five-year period; (2) whether orderly disposition of such holdings can reasonably be expected to occur before the expiration of the extension period; and (3) all other facts and circumstances which the Secretary considers relevant. Requires that the extension so granted be no less than 24 months in duration.

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1 official file

• Introduced in House

  summary · EN · 9 March 1983

  Open at official source

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