A bill to amend the Internal Revenue Code of 1954 to exempt from taxation corporations or trusts which acquire and manage real property for certain exempt organizations, and for other purposes.

Amends the Internal Revenue Code to grant tax-exempt status to corporations or trusts which acquire and manage real property for certain other tax-exempt organizations. Sets forth certain criteria to be met by such corporations and trusts in order to qualify for tax-exempt status. Exempts such corporations or trusts from the application of the acquisition indebtedness rules applicable to the unrelated business income of tax-exempt organizations.