A bill to amend section 101 (1) (2) of the Tax Reform Act of 1969.

Provides, under the Tax Reform Act, that specified taxes on self-dealing shall not apply to the sale, exchange, or other disposition (other than by lease) of property owned by a private foundation to a disqualified person if: (1) such foundation is leasing substantially all of such property; (2) the disposition of such disqualified person occurs before January 1, 1975; and (3) such foundation receives an amount which equals or exceeds the fair market value of such property. (Amends 26 U.S.C. 4940 nts.)