Excludes, under the Internal Revenue Code of 1954, from gross income gains from the condemnation of specified forest lands held in trust for the Klamath Indian Tribe.
Provides that tax-exempt organizations shall be treated the same as tax-paying organizations, under the Internal Revenue Code, when a subsidiary corporation is liquidated into a parent corporation, provided that such tax-exempt organization continues to use the assets of the liquidated subsidiary in an unrelated trade or business and agrees to treat any change in the use of those assets as a disposition resulting in recapture of depreciation.
Defines "private foundation" to be an organization that normally receives not more than one-third of its support in each taxable year from the sum of gross investment income and the excess of the amount of the unrelated business taxable income over the amount of the tax on unrelated business income of charitable organizations.