Broadened Stock Ownership Act

[AI summary unavailable — showing source text] Broadened Stock Ownership Act - Provides that for purposes of the Internal Revenue Code the term "broadened stock ownership plan" means a trust created or organized in the United States for the exclusive benefit of an individual or his beneficiaries which meets specified requirements, including: (1) contributions will not be accepted for the taxable year in excess of $1,500 on behalf of any individual; (2) the trust is designed to invest solely in common stock of domestic corporations; (3) contribution received by the trustee during a particular taxable year will be allocated to a separate class year account; and (4) the interest of an individual in each class year account may not be paid or distributed before the end of the seventh taxable year following that year in which such class year account was established, except in the case of death or disability. States that the term "broadened stock ownership annuity" means a contract for a variable annuity, issued by an insurance company which meets specified requirements similar to those of the stock ownership trust above. Provides that a trust created or organized in the United States by an employer for the exclusive benefit of his em…