A bill to amend section 101 (1) (3) of the Tax Reform Act of 1969 in respect of the application of section 4942(d) of the Internal Revenue Code of 1954 to private foundations subject to section 101 (1) (4) of the Tax Reform Act of 1969.

[AI summary unavailable — showing source text] Imposes an excise tax under the Internal Revenue Code on the undistributed income of a private foundation without regard to the nature of its assests, stock, or dividends income for such stock. (Amends 26 U.SC. 4940 note).…