A bill to amend the Internal Revenue Code of 1954 to remove certain limitations in the case of charitable contributions of literary, musical, or artistic compositions, or similar property.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to allow an income tax deduction for the current fair market value of a literary, musical, or artistic composition created by the personal efforts of the taxpayer and contributed to a charitable organization. Disallows a fair market value deduction for a contribution of property which was produced while the taxpayer was a Government officer or employee if such property arose out of the performance of the taxpayer's duties. Requires, as a condition of eligibility for a fair market value deduction, a statement by the donee of such property that the property has artistic, musical, or literary value, and that donee will use the property in a manner consistent with the purpose of its organization.…