Amends the Internal Revenue Code with respect to the valuation of assets for the purpose of determining the amount that a private foundation which is a bank holding company is required to distribute to avoid the tax on undistributed income. Grants such a private foundation, where a substantial portion of its assets consists of securities in banks and bank related companies, the option of valuing such banks and companies by capitalizing the dividends paid at a capitalization rate of six percent.
Read second time and referred to Senate Committee on Finance.
Introduced in Senate
Committee on Finance requested executive comment from OMB; Treasury Department.
Subcommittee on Energy and Agricultural Taxation took the following actions.
Subcommittee on Energy and Agricultural Taxation. Hearings held.
Subcommittee on Taxation and Debt Management took the following actions.
Subcommittee on Taxation and Debt Management. Hearings held.
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