A bill to amend Section 4943 of the Internal Revenue Code relating to excess business holdings.

Summary

Amends the Internal Revenue Code to provide that excess business holdings of private foundations (more than 20 percent of a corporation's stock) which were grandfathered by the Tax Reform Act of 1969 will not be deemed to be increased through the operation of the constructive ownership rules governing the acquisition of corporate assets by a controlled corporation if: (1) the acquiring corporation is engaged in an active trade or business; (2) the acquiring corporation's assets are substantial in relationship to the acquired corporation; and (3) the acquiring corporation is not being used by a private foundation as a vehicle to increase its business holdings.

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1 official file

• Introduced in House

  summary · EN · 2 August 1979

  Open at official source

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