Page:United States Statutes at Large Volume 88 Part 2.djvu/805

 88 STAT. ]

PUBLIC LAW 93-626-JAN. 3, 1975

2121

" (2) the fair market value of such property exceeds its adjusted basis, then for purposes of this chapter the transferor shall be treated as having sold such property to the political organization on the date of the transfer, and the transferor shall be treated as having realized an amount equal to the fair market value of such property on such date. (b) BASIS OF PROPERTY.—In the case of a transfer of property to a political organization to which subsection (a) applies, the basis of such property in the hands of the political organization shall be the same as it would be in the hands of the transferor, increased by the amount of gain recognized to the transferor by reason of such transfer. "(c) POLITICAL ORGANIZATION DEFINED.—For purposes of this section, the term 'political organization' has the meaning given to such term by section 527(e)(1)." (2) CLERICAL AMENDMENT.—The table of sections for such part II is amended by adding at the end thereof the following: "Sec. 84. Transfer of appreciated property to political organizations." (b) EFFECTIVE DATE.—The amendments made by subsection (a) shall apply to transfers made after May 7, 1974, in taxable years ending after such date. (c) NONRECOGNITION OF G A I N OR LoSS W H E R E ORGANIZATION SOLD CONTRIBUTED PROPERTY BEFORE AUGUST 2, 1973.—In the case of the

sale or exchange before August 2, 1973, by an organization described in section 527(e)(1) of the Internal Revenue Code of 1954 of property which such organization acquired by contribution (within the meaning of section 271(b)(2) of such Code), no gain or loss shall be recognized by such organization. SEC. 14. GIFT TAX NOT TO APPLY TO CONTRIBUTIONS TO POLITICAL ORGANIZATIONS. (a) IN GENERAL.—Section 2501(a) (relating to taxable transfers for purposes of the gift tax) is amended by adding at the end thereof the following new paragraph: "(5)

TRANSFERS TO POLITICAL ORGANIZATIONS.—Paragraph

Ante, p. 2116.

^^ ^^^ ^'^ "°*«26 USC 84 note.

26 USC 271,

26 USC 250:l.

(1)

shall not apply to the transfer of money or other property to a political organization (within the meaning of section 527(e)(1)) for the use of such organization." (b) EFFECTIVE DATE.—The amendment made by subsection (a) shall apply to transfers made after May 7, 1974. Approved January 3, 1975.

^"*^> p- 2116. ^^ ^^"^ 2^°^

Public Law 93-626 AN ACT

January 3, 1375

To establish the Canaveral National Seashore in the State of Florida, and for other purposes.

[H. R. 5773]

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That in order to Canaveral Napreserve and protect the outstanding natural, scenic, scientific, ecologic, F"^ ^^ seashore, and historic values of certain lands, shoreline, and waters of the State Establishment. of Florida, and to provide for public outdoor recreation use and le use 459J. enjoyment of the same, there is hereby established the Canaveral National Seashore (hereinafter referred to as the "seashore"), as generally depicted on the map entitled "Boundary Map, Canaveral National Seashore", dated August 1974 and numbered N S - C A N 40,000A. Such seashore shall comprise approximately sixty-seven thousand five hundred acres within the area more particularly

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