Amends the Internal Revenue Code to exempt trustee services by tax exempt foundations to disqualified persons from the excise tax on self-dealing where: (1) the service is pursuant to an irrevocable trust established before October 9, 1969; (2) the foundation's chartering State forbids it from acting as a trustee where it has no beneficial interest; (3) the foundation receives reasonable compensation for its services; and (4) the disqualified person's status as such arises solely from the trust instrument. Applies such provisions to services furnished from 1980 through 1989.
Introduced in House
Introduced in House
Referred to House Committee on Ways and Means.
Reported to House from the Committee on Ways and Means with amendment, H. Rept. 95-1622.
Reported to House from the Committee on Ways and Means with amendment, H. Rept. 95-1622.
Measure called up by unanimous consent in House.
Measure considered in House.
Passed/agreed to in House: Measure passed House, amended.
Measure passed House, amended.
Referred to Senate Committee on Finance.
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