A bill to amend section 101(1)(2) of the Tax Reform Act of 1969.

Provides that taxes under the Internal Revenue Code on self-dealing between a disqualified person and a private foundation shall not apply to the sale, exchange, or other disposition (other than by lease) of property which is owned by a private foundation to a disqualified person if: (1) such foundation is leasing substantially all of such property; (2) the disposition to such disqualified person occurs before January 1, 1975; and (3) such foundation receives in return for the disposition to such disqualified person an amount which equals or exceeds the fair market value of such property at the time of the disposition or at the time a contract for the disposition was previously executed in a transaction which would not constitute a prohibited transaction.