Miscellaneous Revenue Act

(Reported to House from the Committee on Ways and Means with amendment, H. Rept. 95-1286)

Miscellaneous Revenue Act - Amends the Internal Revenue Code to permit a personal holding company to deduct dividends paid after the close of the taxable year, but before the due date of its tax return, for purposes of determining its undistributed personal holding company income for the taxable year. Prohibits the payment of any dividend which exceeds the undistributed personal holding company income for the taxable year.

Permits bankrupt estates to qualify as shareholders in a Subchapter S corporation.

Allows interest to be paid to taxpayers on money or property wrongfully seized by the Internal Revenue Service for the period during which such money or property is held.

Repeals annual reporting requirements for tax-exempt private foundations with assets of $5,000 or more. Requires that information previously required by such annual reports be included in the foundation's annual tax return. Requires that such returns be opened to public inspection and imposes a fine for failure to do so. Permits private foundations to treat as confidential, and not to list on their tax returns, the name and address of any indigent or needy recipient of charitable gifts or grants amounting to $1,000 or less during the taxable year.

Treats stock or partnership interests held by members of a decedent's family as held by the decedent for purposes of qualifying a close corporation for the extended 15 year payment schedule for estate taxes attributable to the corporation. Permits the inclusion of such partnership interests and any non-readily-tradable stock (stock having no market on an exchange at the time of decedent's death) in the decedent's gross estate for purposes of determining whether 20 percent of the closely held business was included in decedent's estate, as required by the extended estate tax payment option.