Page:United States Statutes at Large Volume 83.djvu/561

 83 STAT. ]

PUBLIC LAW 91-172-DEC. 30, 1969

533

(64) The table of subparts for part III of subchapter A of chapter 61 is amended by adding at the end thereof the following new item: "Subpart D. Information concerning private foundations." (k) EFFECTIVE DATES.—

(1) IN GENERAL.—Except as otherwise provided in this subsection and subsection (1), the amendments made by this section shall take effect on January 1, 1970. (2) PROVISIONS EFFECTIVE FOR TAXABLE YEARS BEGINNING AFTER

DECEMBER 31, 1969.—The following provisions shall apply to taxable years beginning after December 31, 1969: (A) Sections 4940, 4942, 4943, and 4948 of the Internal Revenue Code of 1954 (as added by this section), and ^"'^' P- ''^^• (B) The amendments made by subsection (d) and paragraphs (3), (15), (16), (20), (21), (30), (31), (32), (33), (34), (35), and (61) of subsection (j). (3) SECTIONS 5 0 8 (a), (b), AND (C).—Sections 508(a), (b),

and (c) of the Internal Revenue Code of 1954 (as added by this section) shall take effect on October 9, 1969. (1) SAVINGS PROVISIONS.— (1) REFERENCES TO INTERNAL REVENUE CODE PRO\T:SIONS.—Ex-

cept as otherwise expressly provided, references in the following paragraphs of this subsection are to sections of the Internal Revenue Code of 1954 as amended by this section. (2) SECTION 4941.—Section 4941 shall not apply to— (A) any transaction between a private foundation and a corporation which is a disqualified person (as defined in section 4946), pursuant to the terms of securities of such corporation in existence at the time acquired by the foundation, if such securities were acquired by the foundation before May 27, 1969; (B) the sale, exchange, or other disposition of property which is owned by a private foundation on May 26, 1969 (or which is acquired by a private foundation under the terms of a trust which was irrevocable on May 26, 1969, or under the terms of a will executed on or before such date, which are in effect on such date and at all times thereafter), to a disqualified person, if such foundation is required to dispose of such property in order not to be liable for tax under section 4943 (relating to taxes on excess business holdings) applied, in the case of a disposition before January 1, 1975, without taking section 4943(c)(4) into account and it receives in return an amount which equals or exceeds the fair market value of such property at the time of such disposition or at the time a contract for such disposition was previously executed in a transaction which would not constitute a prohibited transaction (within the meaning of section 503(b) or the corresponding provisions of prior law); (C) the leasing of property or the lending of money or other extension of credit between a disq^ualified person and a private foundation pursuant to a binding contract in effect on October 9, 1969 (or pursuant to renewals of such a contract), until taxable years beginning after December 31, 1979, if such leasing or lending (or other extension of credit) remains at least as favorable as an arm's-length transaction with an unrelated party and if the execution of such contract

^"'^' "• ^^'^^

�