Tax and Trade Relief Extension Act of 1998 Enacted

Tax and Trade Relief Extension Act of 1998 Enacted

News story posted in Legislative on 22 October 1998| comments
audience: National Publication | last updated: 18 May 2011
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Summary

President Clinton has signed the Tax and Trade Relief Extension Act of 1998 after it was passed by the Senate yesterday. This Act makes permanent the fair market value deduction for qualified appreciated stock contributions to private foundations. The deduction is effective for contributions on or after July 1, 1998. The Act also extends to private foundations the same public inspection rules that apply to public charities and other tax-exempt organizations required to file annual information returns. This latter provision is to become effective after the later of the issuance of Regulations or December 31, 1998. Upon the effective date of the new public inspection rules, private foundations need no longer comply with the publication requirements of Code Section 6104(d).

PGDC SUMMARY:

President Clinton signed the Tax and Trade Relief Extension Act of 1998 after it was passed by the Senate yesterday. This Act makes permanent the fair market value deduction for qualified appreciated stock contributions to private foundations. The deduction is effective for contributions on or after July 1, 1998. The Act also extends to private foundations the same public inspection rules that apply to public charities and other tax-exempt organizations required to file annual information returns. This latter provision is to become effective after the later of the issuance of Regulations or December 31, 1998. Upon the effective date of the new public inspection rules, private foundations need no longer comply with the publication requirements of Code Section 6104(d).

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