Page:United States Statutes at Large Volume 83.djvu/578

 550 68A Stat. 78. 26 USC 267.

PUBLIC LAW 91-172-DEC. 30, 1969

[33 ST^T

267(b). For purposes of the preceding sentence, a fixture AvhicTi j^g intended to be severed from the real property shall be treatpl! as tangible personal property. "(b)

PERCENTAGE LIMITATIONS.—

"(1) INDIVIDUALS.—In the case of an individual, the deduction provided in subsection (a) shall be limited as provided in the succeeding subparagraphs. " (A) GENERAL, RULE.—Any charitable contribution to " (i) a church or a convention or association of churches, "(ii) an educational organization which normahv maintains a regular faculty and curriculum and normallv has a regularly enrolled body of pupils or students in attendance at the place where its educational activities are r e ^ l a r l y carried on, "(iii) an organization the principal purpose or functions of which are the providing of medical or hospital care or medical education or medical research, if the organization is a hospital, or if the organization is a medical research organization directly engaged in the continuous active conduct of medical research in conJunction with a hospital, and during the calendar year m which the contribution is made such organization is committed to spend such contributions for such research before January 1 of the fifth calendar year which begins after the date such contribution is made, "(iv) an organization which normally receives a substantial part of its support (exclusive of income received in the exercise or performance by such organization of its charitable, educational, or other purpose or function constituting the basis for its exemption under section 501(a)) from the United States or any State or political subdivision thereof or from direct or indirect contributions from the general public, and which is organized and operated exclusively to receive, hold, invest, and administer property and to make expenditures to or for the benefit of a college or university which is an organization referred to in clause (ii) of this subparagraph and which is an agency or instrumentality of a State or political subdivision thereof, or which is owned or operated by a State or political subdivision thereof or by an agency or instrumentality of one or more States or political subdivisions, " (v) a governmental unit referred to in subsection (c)(1), "(vi) an organization referred to in subsection (c)(2) which normally receives a substantial part of its support (exclusive of income received in the exercise or performance by such organization of its charitable, educational, or other purpose or function constituting the basis for its exemption under section 501(a)) from a governmental unit referred to in subsection (c)(1) or from direct or indirect contributions from the general public, "(vii) a private foundation described in subparagraph (.E),or

�