Page:United States Statutes at Large Volume 98 Part 1.djvu/832

 98 STAT. 784

PUBLIC LAW 98-369—JULY 18, 1984 (3) The table of subchapters for chapter 42 is amended by striking out the item relating to subchapter C and inserting in lieu thereof the following: "SUBCHAPTER C. Abatement of first and second tier taxes in certain cases."

26 USC 4942, 6213, 6503. 26 USC 4962 note. 26 USC 4946.

(4) Sections 4942(g)(2)(C), 6213(e), and 6503(g) are each amended by striking out "section 4962(e)" and inserting in lieu thereof "section 4963(e)". (c) EFFECTIVE DATE.—The amendments made by this section shall apply to taxable events occurring after December 31, 1984. SEC. 306. MISCELLANEOUS AMENDMENTS. (a) DEFINITION OF FAMILY MEMBER.—Subsection (d) of section 4946 (defining members of family) is amended to read as follows: "(d) MEMBERS OF FAMILY.—For purposes of subsection (a)(D, the family of any individual shall include only his spouse, ancestors, children, grandchildren, great grandchildren, and the spouses of children, grandchildren, and great grandchildren." (b) REQUIREMENT THAT ANNUAL NOTICE INCLUDE TELEPHONE

NUMBER OF THE PRIVATE FOUNDATION.—Subsection (d) of section

26 USC 6104.

26 USC 4946 note.

26 USC 4943.

6104 (relating to public inspection of private foundations' annual returns) is amended by striking out "shall state the address of the private foundation's principal office" and inserting in lieu thereof shall state the address and the telephone number of the private foundation's principal office". (c) EFFECTIVE DATES.—The amendments made by this subsection shall take effect on January 1, 1985. SEC. 307. 5-YEAR EXTENSION OF REQUIREMENT TO DISPOSE OF CERTAIN EXCESS HOLDINGS ATTRIBUTABLE TO LARGE GIFTS AND BEQUESTS. (a) GENERAL RULE.—Subsection (c) of section 4943 (relating to taxes on excess business holdings) is amended by adding at the end thereof the following new paragraph: "(7) 5-YEAR EXTENSION OF PERIOD TO DISPOSE OF CERTAIN LARGE GIFTS AND BEQUESTS.—The Secretary may extend for an additional 5-year period the period under paragraph (6) for disposing of excess business holdings in the case of an unusually large gift or bequest of diverse business holdings or holdings with complex corporate structures if—• "(A) the foundation establishes that— "(i) diligent efforts to dispose of such holdings have been made within the initial 5-year period, and "(ii) disposition within the initial 5-year period has not been possible (except at a price substantially below fair market value) by reason of such size and complexity or diversity of such holdings, "(B) before the close of the initial 5-year period— "(i) the private foundation submits to the Secretary a plan for disposing of all of the excess business holdings involved in the extension, and "(ii) the private foundation submits the plan described in clause (i) to the Attorney General (or other appropriate State official) having administrative or supervisory authority or responsibility with respect to the foundation's disposition of the excess business holdings involved and submits to the Secretary any response received by the private foundation from the

�