A bill to amend the Internal Revenue Code of 1954 with respect to the treatment of certain employee's trusts organized to invest in real estate.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to confer tax-exempt status upon employee benefit trusts organized to invest in real estate. Sets forth requirements for the qualification of such a trust for preferential tax treatment including requirements that the total cost of all the trust's property exceed $10,000,000 and that at least 75 percent of such total cost consists of real property, interests in real property, cash, or Government securities.…