A bill to amend the Internal Revenue Code of 1954 to revise the tax treatment of transfers of certain property to tax exempt organizations.

[AI summary unavailable — showing source text] Provides that property which would lose its status as a capital asset entitled to be depreciated under the Internal Revenue Code (loss of such status requiring recapture of any previously declared depreciation) shall retain such status when it is transferred to a tax-exempt parent organization. Revises the tax treatment under the Internal Revenue Code of transfers of section 1245 or 1250 property to tax exempt organizations.…