A bill to amend the Internal Revenue Code of 1954 with respect to amendments of certain transfers for charitable purposes, and for other purposes.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to permit an income tax deduction for charitable contributions of partial interests in property or property placed in trust where the governing instrument of the transfer is amended or conformed to meet certain requirements after the initial transfer. Allows the adjustment or exchange of an income interest or remainder interest transferred for charitable purposes where the donee receives an interest in property not less in value than that of the original transfer. Allows an estate or gift tax charitable deduction for a partial interest where the reformable interest in the charitable trust had not been corrected and there had been a termination of all intervening interests in the trust. Provides that interest on underpayment of tax will not be collected where the underpayment results from a disallowance of a charitable deduction involving a reformable partial interest. Extends until December 31, 1985, the period for filing a claim or credit for refund of overpayment of tax where the overpayment resulted from the allowance of a charitable deduction as a result of amending or conforming the transfer instrument.…