S. 977 — A bill to provide special rules for the application of section 4943 of the Internal Revenue Code of 1954 to any private foundation the principal asset of which is a bank holding company.

Summary

Provides special rules for determining whether a private foundation's ownership interest in a bank holding company qualifies as an interest in a business enterprise, for purposes of the penalty tax on the excess holdings of a private foundation.

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Related Legislation

H.R. 2399A bill to amend the Internal Revenue Code of 1954 to provide special rules for the application of section 4943 of the Internal Revenue Code of 1954 to any private foundation the principal asset of which is a bank holding company.
1983-04-05Referred to House Committee on Ways and Means.
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Legislative Actions

1983-04-05
Introduced in Senate
1983-04-05
Read twice and referred to the Committee on Finance.
1983-04-07
Committee on Finance requested executive comment from OMB, Treasury Department.

A bill to provide special rules for the application of section 4943 of the Internal Revenue Code of 1954 to any private foundation the principal asset of which is a bank holding company.

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