83 STAT ]
PUBLIC LAW 9 1 - 1 7 2 - D E C. 30, 1969
all of the corpus attributable to any donor's contribution to the fund is required to be (and is) distributed to one or more of such organizations not later than one year After his death or after the death of his surviving spouse if she has the right to designate the recipients of such corpus. " (F) CONTRIBUTION BASE DEFINED.—For purposes of this section, the term 'contribution base' means adjusted gross income (computed without regard to unj net operating loss carryback to the taxable year under section 172). ^^A Stat. 63; "(2) CORPORATIONS.—In the case of a corporation, the total ^^26 USC V7'2. deductions under subsection (a) for any taxable year shall not exceed 5 percent of the taxpayer's taxable income computed withoutregardto— " (A) this section, " (B) part VIII (except section 248), ^e use 241-248. " (C) any net operating loss carryback to the taxable year under section 172, " (D) section 922 (special deduction for Western Hemi- 68A Stat. 291. sphere trade corporations), and " (E) any capital loss carryback to the taxable year under section 1212(a)(1). ^°«'» p- eas. "(c) CHARITABLE CONTRIBUTION DEFINED.—For purposes of this section, the term 'charitable contribution' means a contribution or gift to or for the use of— " (1) A State, a possession of the United States, or any political subdivision of any of the foregoing, or the United States or the District of Columbia, but only if the contribution or gift is made for exclusively public purposes. " (2) A corporation, trust, or community chest, fund, or foundation— " (A) created or organized in the United States or in any possession thereof, or under the law of the United States, any
State, the District of Columbia, or any possession of the United States; " (B) organized and operated exclusively for religious, charitable, scientific, literary, or educational purposes or for the prevention of cruelty to children or animals; " (C) no part of the net earnings of which inures to the benefit of any private shareholder or individual; and " (D) no substantial part of the activities of which is carrying on propaganda, or otherwise attempting, to influence legislation, and which does not participate in, or intervene in (including the publishing or distributing of statements), any political campaign on behalf of any candidate for public office. A contribution or gift by a corporation to a trust, chest, fund, or foundation shall be deductible by reason of this paragraph only if it is to be used within the United States or any of its possessions exclusively for purposes specified in subparagraph (B). (3) A post or organization of war veterans, or an auxiliary unit or society of, or trust or foundation for, any such post or organization— " (A) organized in the United States or any of its possessions, and " (B) no part of the net earnings of which inures to the benefit of any private shareholder or individual.