A bill relating to the income tax treatment of charitable contributions of inventory and certain other ordinary income property.

Summary

Provides that in the case of a charitable contribution of inventory, by a corporation or by an association taxable as a corporation, to an organization operated exclusively for religious, charitable, scientific, testing for public safety, literary, or educational purposes, and exempt from taxation, the income tax deduction under the Internal Revenue Code for such contribution shall be reduced by only half the reduction required as the amount of gain which would not have been long-term capital gain if the property contributed had been sold by the taxpayer at its fair market value. (Amends 26 U.S.C. 170(e))

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Documents

1 official file

• Introduced in Senate

  summary · EN · 16 April 1973

  Open at official source

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