A bill relating to the income tax treatment of charitable contributions of inventory and certain other ordinary income property.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to provide that in the case of charitable contributions of property by a corporation, the amount of the charitable deduction need be reduced only by one-half of the amount of gain which would not have been long-term capital gain if the property contributed had been sold by the taxpayer at its fair market value, rather than the entire amount of such gain if: (1) the use of the property by the donee is related to its charitable function; (2) the property is not transferred by the donee for consideration; and (3) the taxpayer receives a written statement from the donee of conformance with the requirements of (1) and (2).…