Page:United States Statutes at Large Volume 94 Part 3.djvu/859

 PUBLIC LAW 96-603—DEC. 28, 1980 Public Law 96-608 96th Congress

94 STAT. 3503

An Act To amend the Internal Revenue Code of 1954 to simplify private foundation return and reporting requirements, and for other purposes.

Dec. 28, 1980 [H.R. 4155]

Be it enacted by the Senate and House of Representatives of the Internal United States of America in Congress assembled,

Revenue SECTION 1. SIMPLIFICATION OF PRIVATE FOUNDATION RETURN AND Code of 1954, amendment. REPORTING REQUIREMENTS.

(a) AMENDMENT OF SECTION 6033.—Section 6033 of the Internal Revenue Code of 1954 (relating to returns by exempt organizations) is 26 USC 6033. amended by redesignating subsection (c) as subsection (e) and by inserting after subsection (b) the following new subsections: "(c) ADDITIONAL PROVISIONS RELATING TO PRIVATE FOUNDATIONS.—

In the case of an organization which is a private foundation (within the meaning of section 509(a))— "(1) the Secretary shall by regulations provide that the private foundation shall include in its annual return under this section such information (not required to be furnished by subsection (b) or the forms or regulations prescribed thereunder) as would have been required to be furnished under section 6056 (relating to annual reports by private foundations) as such section 6056 was in effect on January 1, 1979, "(2) a copy of the notice required by section 6104(d) (relating to public inspection of private foundations' annual returns), together with proof of publication thereof, shall be filed by the foundation together with the annual return under this section, and "(3) the foundation managers shall furnish copies of the annual return under this section to such State officials, at such times, and under such conditions, as the Secretary may by regulations prescribe. Nothing in paragraph (1) shall require the inclusion of the name and address of any recipient (other than a disqualified person within the meaning of section 4946) of 1 or more charitable gifts or grants made by the foundation to such recipient as an indigent or needy person if the aggregate of such gifts or grants made by the foundation to such recipient during the year does not exceed $1,000.

26 USC 509.

26 USC 6056.

26 USC 6104.

26 USC 4946.

"(d) SECTION TO APPLY TO NONEXEMPT CHARITABLE TRUSTS AND NONEXEMPT PRIVATE FOUNDATIONS.—The following organizations

shall comply with the requirements of this section in the same manner as organizations described in section 501(c)(3) which are 26 USC 501. exempt from tax under section 501(a): "(1) NONEXEMPT CHARITABLE TRUSTS.—A trust described in 26 USC 4947. section 4947(a)(1) (relating to nonexempt charitable trusts). "(2) NONEXEMPT PRIVATE FOUNDATIONS.—A private foundation which is not exempt from tsix under section 501(a)." 0)) PuBuc INSPECTION OF PRIVATE FOUNDATIONS' ANNUAL RETURNS.—

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