A bill to provide special rules for the application of sections 4942 and 4943 of the Internal Revenue Code of 1954 to any private foundation the principal asset of which is a bank holding company.

Summary

Provides special rules for determining whether a private foundation's ownership interest in a bank holding company qualifies as an interest in a business enterprise, for purposes of the penalty tax on the excess business holdings of private foundations. Extends the period for the required distribution of private foundation income for taxable years ending on or after June 30, 1974.

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

Timeline

1. 23 March 1983

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 23 March 1983

   Introduced

   Introduced in Senate

   Source: IntroReferral

3. 31 March 1983

   Committee

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

   Source: Committee

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 · 23 March 1983

  Open at official source

Sponsors

• Sen. Durenberger, Dave [R-MN] · R · Sponsor
• Sen. Boschwitz, Rudy [R-MN] · R · Sponsor
• · ssfi00 · Standing

Related records

• related to → A bill to provide special rules for the application of sections 4942 and 4943 of the Internal Revenue Code of 1954 to any private foundation the principal asset of which is a bank holding company.