Page:United States Statutes at Large Volume 83.djvu/586

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[83 STAT. 558]
[83 STAT. 558]
PUBLIC LAW 91-000—MMMM. DD, 1969

558

PUBLIC LAW 91-172-DEC. 30, 1969

[83 STAT.

" (C) TRANSITIONAL INCOME PERCENTAGE.—For purposes of applying subparagraph (A), the term 'transitional income percentage' means, in the case of a taxable year beginning in-_ 1970 1971 1972

197d 1974

'

'

(2)

II use tyo

38 percent 44 percent."

CONFORMING AMENDMENTS.—

( ^) Section iTO(g) (relating to application of unlimited charitable deduction^ is amended by striking out "subsection (b)(5) " each place it appears and inserting in lieu thereof "subsection (d)(1) ", and by striking subparagraph (B) of paragraph (2). (B) Section 545(b)(2) (relating to adjustments to personal holding company taxable income) and section 556 Q^-^ ^2) (relating to adjustments to foreign personal holdino' company taxable income) are each amended— (i) by striking out "section 170(b)(1)(A) and (B) in the first sentence and inserting in lieu thereof "section 170(b)(1)(A), (B), and (D) "; (ii) by striking out "section 170(b)(2) and (5)" in the first sentence and inserting in lieu thereof "section 170(b)(2) and (d)(1) "; (iii) by striking out "'adjusted gross income'" in the second sentence and inserting in lieu thereof " 'contribution b a s e ' "; and (iv) by striking out "the first sentence of section 170 (b)(2) and (5) " in the second sentence and inserting in lieu thereof "section 170(b)(2) and (d)(1)". (C) Section 809(e)(3) (relating to modifications of deductionsfor life insurance companies) is amended— (i) by striking out "the first sentence o f in subparagraph (A); and (ii) by striking out "section 170(b)(3)" in subparagraph (B) and inserting in lieu thereof "section 170 (d)(2)(B)".

72 Stat. 1631. 68A Stat. 197.

7^ ^'^ ^21-

(b)

68A Stat. 216.

20 percent 26 percent 32 perceS

CHARITABLE CONTRIBUTIONS BY ESTATES AND TRUSTS.—Sub-

section (c) of section 642 (relating to deduction for amounts paid or permanently set aside for a charitable purpose) is amended to read as follows: "(c) DEDUCTION FOR AMOUNTS PAID OR PERMANENTLY SET ASIDE FOR A CHARITABLE PURPOSE.— "(1) GENERAL RULE.—In the case of an estate or trust (other

Ante, p. 549.

,

-

then a trust meeting the specifications of subpart B), there shall be allowed as a deduction in computing its taxable income (in heu ^f ^l^^ dcduction allowed by section 170(a), relating to deduction for charitable, etc., contributions and gifts) any amount of the gross income, without limitation, which pursuant to the terms of the governing instrument is, during the taxable year, paid for a purpose specified in section 170(c) (determined without regard to section 1 7 0 (c)(2)(A)). If a charitable contribution is paw after the close of such taxable year and on or before the last day of the year following the close of such taxable year, then the trustee or administrator may elect to treat such contribution as paid during such taxable year. The election shall be made at such time and in such manner as the Secretary or his delegate prescribes by regulations.