,,ii  #aag? ,,congress  #a/ ,session    
,s4 #bbef  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,june #bd1 #bjba,mr4   
,da9es 7= himself1 ,ms4 ,/ab5[1 ,mr4    
,wyd51 & ,mr4 ,grassley7 introduc$ !    
foll[+ bill2 :i* 0 read twice & ref]r$  
to ! ,committee on ,f9ance  ,a ,,bill   
,to am5d ! ,int]nal ,rev5ue ,code (     
#aihf to limit ! *>itable d$uction =    
c]ta9 qualifi$ cons]vation              
contributions4  #a4 ,%ort title ,?is    
,act may be cit$ z ! ,*>itable          
,cons]vation ,easem5t ,program          
,integrity ,act ( #bjba4  #b4           
,limitation on d$uction = qualifi$      
cons]vation contributions made by       
pass-?r\gh entities  7a7 ,9 g5]al       
,section #agj7;h7 ( ! ,int]nal ,rev5ue  
,code ( #aihf is am5d$ by add+ at ! end 
! foll[+ new p>agraph3  7#g7 ,limitation
 on d$uction = qualifi$ cons]vation     
contributions made by pass-?r\gh        
entities  7,a7 ,9 g5]al ,a contribution 
by a p>tn]%ip 7:e!r directly or z a     
di/ributive %>e ( a contribution ( ano!r

 p>tn]%ip7 %all n be treat$ z a qualifi$
 cons]vation contribution = purposes (  
?is section if ! am\nt ( su*            
contribution exce$s #b4e times ! sum (  
ea* p>tn]'s relevant basis 9 su*        
p>tn]%ip4  7,b7 ,relevant basis ,=      
purposes ( ?is p>agraph-- 7i7 ,9 g5]al  
,! t]m relevant basis means1 ) respect  
to any p>tn]1 ! portion ( su* p>tn]'s   
modifi$ basis 9 ! p>tn]%ip :i* is       
allocable 7"u rules simil> to ! rules ( 
section #gee7 to ! portion ( ! real     
prop]ty ) respect to :i* ! contribution 
describ$ 9 subp>agraph 7,a7 is made4    
7ii7 ,modifi$ basis ,! t]m modifi$ basis
 means1 ) respect to any p>tn]1 su*     
p>tn]'s adju/$ basis 9 ! p>tn]%ip z     
det]m9$-- 7,i7 imm$iately be=e !        
contribution describ$ 9 subp>agraph     
7,a71  7,,ii7 )\t reg>d to section #geb1
 &  7,,iii7 by ! p>tn]%ip aft] tak+ into
 acc\nt ! adju/m5ts describ$ 9          
subclauses 7,i7 & 7,,ii7 & su* o!r      
adju/m5ts z ! ,secret>y may provide4    
7,c7 ,exception = contributions outside 

#c-ye> hold+ p]iod ,subp>agraph 7,a7    
%all n apply to any contribution :i* is 
made at lea/ #c ye>s aft] ! late/ (--   
7i7 ! la/ date on :i* ! p>tn]%ip t made 
su* contribution acquir$ any portion ( !
 real prop]ty ) respect to :i* su*      
contribution is made1  7ii7 ! la/ date  
on :i* any p>tn] 9 ! p>tn]%ip t made su*
 contribution acquir$ any int]e/ 9 su*  
p>tn]%ip1 &  7iii7 if ! int]e/ 9 !      
p>tn]%ip t made su* contribution is held
 ?r\gh "o or m p>tn]%ips-- 7,i7 ! la/   
date on :i* any su* p>tn]%ip acquir$ any
 int]e/ 9 any o!r su* p>tn]%ip1 &       
7,,ii7 ! la/ date on :i* any p>tn] 9 any
 su* p>tn]%ip acquir$ any int]e/ 9 su*  
p>tn]%ip4  7,d7 ,exception = family     
p>tn]%ips  7i7 ,9 g5]al ,subp>agraph    
7,a7 %all n apply ) respect to any      
contribution made by any p>tn]%ip if    
sub/antially all ( ! p>tn]%ip int]e/s 9 
su* p>tn]%ip are held1 directly or      
indirectly1 by an individual & memb]s ( 
! family ( su* individual4  7ii7 ,memb]s
 ( ! family ,= purposes ( ?is           

subp>agraph1 ! t]m memb]s ( ! family    
means1 ) respect to any individual--    
7,i7 ! sp\se ( su* individual1 &  7,,ii7
 any individual :o be>s a relation%ip to
 su* individual :i* is describ$ 9       
subp>agraphs 7,a7 ?r\gh 7,g7 ( section  
#aeb7;d77#b74  7,e7 ,application to o!r 
pass-?r\gh entities ,except z may be    
o!rwise provid$ by ! ,secret>y1 ! rules 
( ?is p>agraph %all apply to ,s         
corporations & o!r pass-?r\gh entities 9
 ! same mann] z su* rules apply to      
p>tn]%ips4  7,f7 ,regulations ,!        
,secret>y %all prescribe su* regulations
 or o!r guidance z may be necess>y or   
appropriate to c>ry out ! purposes ( ?is
 p>agraph1 includ+ regulations or o!r   
guidance-- 7i7 to require report+1      
includ+ report+ relat$ to ti]$ p>tn]%ips
 & ! modifi$ basis ( p>tn]s1 &  7ii7 to 
prev5t ! avoidance ( ! purposes ( ?is   
p>agraph4  4  7b7 ,application (        
accuracy-,relat$ p5alties  7#a7 ,9 g5]al
 ,section #fffb7;b7 ( ! ,int]nal ,rev5ue
 ,code ( #aihf is am5d$ by ins]t+ aft]  

p>agraph 7#i7 ! foll[+ new p>agraph3    
7#aj7 ,any disall[ance ( a d$uction by  
reason ( section #agj7;h77#g74  4  7#b7 
,treatm5t z gross valuation mis/atem5t  
,section #fffb7;h77#b7 ( su* ,code is   
am5d$ by /rik+ & at ! end ( subp>agraph 
7,b71 by /rik+ ! p]iod at ! end (       
subp>agraph 7,c7 & ins]t+ 1 &1 & by add+
 at ! end ! foll[+ new subp>agraph3     
7,d7 any disall[ance ( a d$uction       
describ$ 9 subsection 7b77#aj74  4  7#c7
 ,no reasonable cause exception ,section
 #fffd7;c77#b7 ( su* ,code is am5d$ by  
ins]t+ or to any disall[ance ( a        
d$uction describ$ 9 section             
#fffb7;b77#aj7 be=e ! p]iod at ! end4   
7#d7 ,approval ( assessm5t n requir$    
,section #fgea7;b77#b77;,a7 ( su* ,code 
is am5d$ by /rik+ subsection 7b77#i7 &  
ins]t+ p>agraph 7#i7 or 7#aj7 (         
subsection 7b74  7c7 ,application (     
/atute ( limitations on assessm5t &     
collection  7#a7 ,ext5sion = c]ta9      
adju/m5ts made "u prior law ,9 ! case ( 
any disall[ance ( a d$uction by reason (

 section #agj7;h77#g7 ( ! ,int]nal      
,rev5ue ,code ( #aihf 7z add$ by ?is    
section7 or any p5alty impos$ "u section
 #fffb ( su* ,code ) respect to su*     
disall[ance1 section #fbbi7;d77#b7 ( su*
 ,code 7z 9 effect be=e its repeal7 %all
 be appli$ by sub/itut+ #b ye>s = #a    
ye>4  7#b7 ,ext5sion = li/$ transactions
 ,any contribution describ$ 9 section   
#agj7;h77#g77;,a7 ( ! ,int]nal ,rev5ue  
,code ( #aihf 7z add$ by ?is section7   
%all be treat$ = purpose ( sections     
#feja7;c77#aj7 & #fbce7;c77#f7 ( su*    
,code z a transaction specifically      
id5tifi$ by ! ,secret>y on ,decemb] #bc1
 #bjaf1 z a tax avoidance transaction = 
purposes ( section #fjaa ( su* ,code4   
7d7 ,application to c]ta9 transactions  
disall[$ "u o!r provisions ( law ,9 !   
case ( any disall[ance ( a d$uction "u  
section #agj ( ! ,int]nal ,rev5ue ,code 
( #aihf ) respect a transaction describ$
 9 ,int]nal ,rev5ue ,s]vice ,notice     
#bjag-aj ) respect to a taxable ye> end+
 be=e ! date ( ! enactm5t ( ?is ,act1   

su* disall[ance %all be treat$ =        
purposes ( section #fffb7;b77#aj7 ( su* 
,code 7z add$ by ?is section7 &         
subsection 7c77#a7 z be+ by reason (    
section #agj7;h77#g7 ( su* ,code 7z add$
 by ?is section74  7e7 ,effective date  
7#a7 ,9 g5]al ,except z provid$ 9       
p>agraph 7#b71 ! am5dm5ts made by ?is   
section %all apply to contributions made
 aft] ,decemb] #bc1 #bjaf1 9 taxable    
ye>s end+ aft] su* date4  7#b7 ,c]tifi$ 
hi/oric /ructures ,9 ! case (           
contributions ! cons]vation purpose 7z  
def9$ 9 section #agj7;h77#d7 ( !        
,int]nal ,rev5ue ,code ( #aihf7 ( :i* is
 ! pres]vation ( a c]tifi$ hi/oric      
/ructure 7z def9$ 9 section             
#agj7;h77#d77;,c7 ( su* ,code71 !       
am5dm5ts made by ?is section %all apply 
to contributions made 9 taxable ye>s    
beg9n+ aft] ,decemb] #ca1 #bjah4  7#c7  
,no inf]5ce ,no inf]5ce is int5d$ z to !
 appropriate treatm5t ( contributions   
made 9 taxable ye>s end+ on or be=e !   
date specifi$ 9 p>agraph 7#a7 or 7#b71  

:i*ev] is applicable1 or z to any       
activity n describ$ 9 section           
#agj7;h77#g7 ( ! ,int]nal ,rev5ue ,code 
( #aihf1 z add$ by ?is section4