A bill to amend the Tax Reform Act of 1969 with respect to the application of the excess business holding provisions to private foundations.

[AI summary unavailable — showing source text] Amends the Tax Reform Act of 1969 to exempt from the divestiture requirements of the Internal Revenue Code certain private foundations which owned 100 percent of the voting stock in an incorporated business on May 26, 1969, and which are not managed by the donor of the stock or any family member.…