S. 685 — A bill to amend the Internal Revenue Code of 1954 to permit the retention of business holdings by private foundations in certain circumstances.

Summary

Amends the Internal Revenue Code to permit a private foundation to retain certain excess business holdings where: (1) the board of directors of the foundation and the managers of the business enterprise in which the foundation has such excess holdings are limited to a crossmembership of not more than 25 percent; (2) no disqualified person can be a foundation manager after the enactment of this Act; and (3) no disqualified person can receive compensation from both the foundation and the business enterprise.

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Legislative Actions

1985-03-19
Introduced in Senate
1985-03-19
Read twice and referred to the Committee on Finance.
1985-03-20
Committee on Finance requested executive comment from OMB, Treasury Department.

A bill to amend the Internal Revenue Code of 1954 to permit the retention of business holdings by private foundations in certain circumstances.

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