S3743-118

1. Treatment of transfers of appreciated property to certain tax-exempt organizations Subsections (a) and (b) of section 84 of the Internal Revenue Code of 1986 are each amended by striking political organization each place it appears and inserting specified organization. Section 84(c) of the Internal Revenue Code of 1986 is amended to read as follows: For purposes of this section, the term specified organization means— any political organization (as defined in section 527(e)(1)), and any organization described in paragraph (4), (5), or (6) of section 501(c). The heading of section 84 of the Internal Revenue Code of 1986 is amended by striking political and inserting specified. The item relating to section 84 in the table of sections for part II of subchapter B of chapter 1 of such Code is amended to read as follows: The amendments made by this section shall apply to transfer after the date of the enactment of this Act, in taxable years ending after such date. (c)Specified organizationFor purposes of this section, the term specified organization means—(1)any political organization (as defined in section 527(e)(1)), and(2)any organization described in paragraph (4), (5), or (6) of section 501(c).. Sec. 84. Transfer of appreciated property to specified organizations..