554
PUBLIC LAW 91-172-DEC. 30, 1969
' .
[33 STAT
"(4) I n the case of a contribution or ^ift by an individual domestic fraternal society, order, or association, operating under the lodge system, but only if such contribution or gift is to be used exclusively for religious, charitable, scientific, literary or educational purposes, or for the prevention of cruelty to children or animals. "(5) A cemetery company ov^^ned and operated exclusively fop the benefit of its members, or any corporation chartered solely for burial purposes as a cemetery corporation and not permitted by its charter to engage in any business not necessarily incident to that purpose, if such company or corporation is not operated for profit and no part of the net earnings of such company or corporation inures to the benefit of any private shareholder or individual. For purposes of this section, the term 'charitable contribution' also means an amount treated under subsection (h) as paid for the use of an organization described in paragraph (2), (3), or (4). "(d)
CARRYOVERS OF EXCESS CONTRIBUTIONS.— "(1) INDIVIDUALS.—
" (A) IN GENERAL.—In the case of an individual, if the amount of charitable contributions described in subsection (b)(1)(A) payment of which is made within a taxable year (hereinafter in this paragraph referred to as the 'contribution year') exceeds 50 percent (30 percent, in the case of a contribution year beginning before January 1, 1970) of the taxpayer's contribution base for such year, such excess shall be treated as a charitable contribution described in subsection (b)(1)(A) paid in each of the 5 succeeding taxable years in order of time, but, with respect to any such succeeding taxable year, only to the extent of the lesser of the two following amounts: " (i) the amount by which 50 percent of the taxpayer's contribution base for such succeeding taxable year exceeds the sum of the charitable contributions described in subsection (b)(1)(A) payment of which is made by the taxpayer within such succeeding taxable year (determined without regard to this subparagraph) and the charitable contributions described in subsection (b)(1) (A) payment of which was made in taxable years before the contribution year which are treated under this subparagraph as having been paid in such succeeding taxable year; or "(ii) in the case of the first succeeding taxable year, the amount of such excess, and in the case of the second, third, fourth, or fifth succeeding taxable year, the portion of such excess not treated under this subparagraph as a charitable contribution described in subsection (b)(1) (A) paid in any taxable year intervening between the contribution year and such succeeding taxable year. "(B)
26 USC f?*!.'
SPECIAL RULE FOR NET OPERATING LOSS CARRYOVERS.—
I n applying subparagraph (A), the excess determined under subparagraph (A) for the contribution year shall be reduced to the extent that such excess reduces taxable income (as computed for purposes of the second sentence of section 172 ' (b)(2)) and increases the net operating loss deduction for a taxable year succeeding the contribution year. "(2)
CORPORATIONS.—
" (A) IN GENERAL.—Any contribution made by a corporation in a taxable year (hereinafter in this paragraph referred
�
