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United States · Bill · S

S. 685 (99th)

A bill to amend the Internal Revenue Code of 1954 to permit the retention of business holdings by private foundations in certain circumstances.

openUnited States· United States Congress· EN

Introduced

19 March 1985

Last action

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Status

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

Sponsors

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Subjects

Discovery layer

Source updated

3 January 2025

Official sourceView documentsShare

Summary

Amends the Internal Revenue Code to permit a private foundation to retain certain excess business holdings where: (1) the board of directors of the foundation and the managers of the business enterprise in which the foundation has such excess holdings are limited to a crossmembership of not more than 25 percent; (2) no disqualified person can be a foundation manager after the enactment of this Act; and (3) no disqualified person can receive compensation from both the foundation and the business enterprise.

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Documents

1 official file

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Sources

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