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

Summary

Provides that the tax deduction under the Internal Revenue Code for charitable contributions of medical, surgical, or hospital supplies that is ordinary income property of the donor shall be reduced by only one-half of the amount of gain which would have been realized if the property contributed had been sold at its fair market value if the donee uses the property for a function related to its basis for tax exempt status.

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

Timeline

1. 9 September 1975

   Introduced

   Referred to Senate Committee on Finance.

   Source: IntroReferral

2. 9 September 1975

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• Introduced in Senate

  summary · EN · 9 September 1975

  Open at official source

Sponsors

• Sen. Fannin, Paul J. [R-AZ] · R · Sponsor
• · ssfi00 · Standing

Related records

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