A bill to extend for an additional period the existing tax treatment of certain activities of certain private foundations.

Summary

Exempts trustee services by tax exempt foundations for disqualified persons from excise tax treatment as self-dealing where: (1) the service is pursuant to an irrevocable trust established before October 9, 1969; (2) the foundation's chartering State forbids it from acting as a trustee where it has no beneficial interest; (3) the foundation receives reasonable compensation for its services; and (4) the disqualified person's status as such arises solely from the trust instrument.

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Documents

1 official file

• Introduced in Senate

  summary · EN · 21 May 1979

  Open at official source

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