Page:United States Statutes at Large Volume 83.djvu/579

 83 STAT. ]

PUBLIC LAW 91-172-DEC. 30, 1969

"(viii) an organization described in section 509(a)(2) or (3), shall be allowed to the extent that the aggregate of such contributions does not exceed 50 percent of the taxpayer's contribution base for the taxable year.

551

Ante,

p. 4 9 6.

" (B) OTHER CONTRIBUTIONS.—Any charitable contribution

other than a charitable contribution to which subparagraph (A) applies shall be allowed to the extent that the aggregate of such contributions does not exceed the lesser of— " (i) 20 percent of the taxpayer's contribution base for the taxable year, or " (ii) the excess of 50 percent of the taxpayer's contribution base for the taxable year over the amount of charitable contributions allowable under subparagraph (A) (determined without regard to subparagraph (D)). •'(C)

UNLIMITED DEDUCTION FOR CERTAIN INDIVIDUALS.—

Subject to the provisions of subsections (f)(6) and (g), the limitations in subparagraphs (A), (B), and (D), and the provisions of subsection (e)(1)(B), shall not apply, in the case of an individual for a taxable year beginning before January 1, 1975, if in such taxable year and in 8 of the 10 preceding taxable years, the amount of the chairitable contributions, plus the amount of income tax (determined without regard to chapter 2, relating to tax on self-employment income) paid ^^^ ^'^*- ^^^'• during such year in respect of such year or preceding taxable 26 USC i4oi. years, exceeds the transitional deduction percentage (determined under subsection (f)(6)) of the taxpayer's taxable income for such year, computed without regard to— " (i) this section, "(ii) section 151 (allowance of deductions for per- Post, pp. 675, 676. sonal exemption), and "(iii) any net operating loss carryback to the taxable Post, p. 619. year under section 172. In lieu of the amount of income tax paid during any such year, there may be substituted for that year the amount of mcome tax paid in respect of such year, provided that any amount so included in the year in respect of which payment was made shall not be included in any other year. " (D) SPECIAL LIMITATION WITH RESPECT TO CONTRIBUTIONS OF CERTAIN CAPITAL GAIN PROPERTY.—

" (i) I n the case of charitable contributions of capital gain property to which subsection (e)(1)(B) does not apply, the total amount of contributions of such property which may be taken into account under subsection (a) for any taxable year shall not exceed 30 percent of the taxpayer's contribution base for such year. For purposes of this subsection, contributions of capital gain property to which this paragraph applies shall be taken into account after all other charitable contributions. " (ii) I f charitable contributions described in subparagraph (A) of capital gain property to which clause (i) applies exceeds 30 percent of the taxpayer's contribution base for any taxable year, such excess shall be treated, in a manner consistent with the rules of subsection (d)(1), as a charitable contribution of capital gain property to which clause (i) applies in each of the 5 succeeding taxable years in order of time.

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