To amend the Internal Revenue Code of 1986 to permit certain tax free corporate liquidations into a 501(c)(3) organization and to revise the unrelated business income tax rules regarding receipt of debt-financed property in such a liquidation.

Summary

Amends the Internal Revenue Code to allow certain tax-free liquidations from a closely held corporation into a tax-exempt organization. Revises unrelated business income provisions regarding property acquired subject to a mortgage with respect to such a liquidation.

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3 official files

• Introduced in House (text)

  Introduced in House · EN · 27 September 1996

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• Introduced in House (PDF)

  Introduced in House · EN · 27 September 1996

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• Introduced in House

  summary · EN · 27 September 1996

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