A bill to amend the Internal Revenue Code of 1986 to treat certain private foundations in the same manner as educational institutions and pension trusts for purposes of the unrelated debt-financed income rules.

Summary

Amends the Internal Revenue Code, for purposes of the unrelated business income tax imposed upon tax-exempt organizations, to exclude from determinations of unrelated debt-financed income indebtedness incurred to acquire or improve real property by a private foundation meeting the following criteria: (1) at least one-half of its assets consisted at all times of real property acquired by gift or devise; (2) such property represented before the indebtedness was incurred more than ten percent of the aggregate fair market value of the foundation's non-exempt assets; and (3) no member of the foundation's governing body was disqualified during any taxable year in which the indebtedness was outstanding.

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Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 6 April 1995

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 6 April 1995

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• Introduced in Senate

  summary · EN · 6 April 1995

  Open at official source

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