A bill to amend the Internal Revenue Code of 1954 to exempt from taxation corporations or trusts which acquire and manage real property for certain exempt organizations, and for other purposes.

Summary

Amends the Internal Revenue Code to grant tax-exempt status to corporations or trusts which acquire and manage real property for certain other tax-exempt organizations. Sets forth certain criteria to be met by such corporations and trusts in order to qualify for tax-exempt status. Exempts such corporations or trusts from the application of the acquisition indebtedness rules applicable to the unrelated business income of tax-exempt organizations.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 30 October 1985

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 30 October 1985

   Introduced

   Introduced in Senate

   Source: IntroReferral

3. 1 November 1985

   Committee

   Committee on Finance requested executive comment from OMB, Treasury Department.

   Source: Committee

Votes

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Versions

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Documents

1 official file

• Introduced in Senate

  summary · EN · 30 October 1985

  Open at official source

Sponsors

• Sen. Wallop, Malcolm [R-WY] · R · Sponsor
• · ssfi00 · Standing

Related records

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