A bill to amend the Internal Revenue Code of 1954 to add a method of valuing farm land owned by a private foundation for purposes of determining whether the foundation is an operating foundation.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to provide that, for purposes of determining whether a private foundation is an operating foundation, the private foundation may use the estate tax valuation for a farm: (1) owned by the foundation on January 1, 1982; or (2) acquired by the foundation from a decedent dying after December 31, 1981.…