A bill to amend section 4941 of the Internal Revenue Code of 1954, and section 101(1)(2) of the Tax Reform Act of 1969.

Amends the Internal Revenue Code to exempt in certain circumstances, the leasing of property by a corporation, all the stock of which is owned by a private foundation, to a person affiliated with the foundation, from the excise tax on self-dealing by private foundations.

Extends specified temporary provisions of the Tax Reform Act of 1969 which exempt certain transactions between private foundations and affiliated persons from the self-dealing tax.