To amend the Internal Revenue Code of 1986 to exempt certain transactions at fair market value between partnerships and private foundations from the tax on self-dealing and to require the Secretary of the Treasury to establish an exemption procedure from such taxes.

Amends the Internal Revenue Code to: (1) exempt certain transactions at fair market value between partnerships and private foundations from the tax on self-dealing; and (2) require the Secretary of the Treasury to establish a procedure for exemption from such taxes.