,i  #aai? ,,congress  #b;d ,session  ,h4
 ,r4 #ajhac  ,,9 ,,! ,,h\se ,,(         
,,repres5tatives  ,octob] #ae1 #bjbf,mr4
 ,c>ey 7= himself1 ,mr4 ,c>t] (         
,georgia1 ,mr4 ,moore ( ,nor? ,c>ol9a1  
,mr4 ,fleis*mann1 & ,mr4 ,bean (        
,florida7 introduc$ ! foll[+ bill2 :i* 0
 ref]r$ to ! ,committee on ,ways &      
,means  ,a ,,bill  ,to provide an       
election to resolve c]ta9 op5 p>tn]%ip  
controv]sies involv+ donations (        
cons]vation easem5ts4  #a4 ,%ort title  
,?is ,act may be cit$ z ! ,hi/oric      
,pres]vation & ,l& ,cons]vation ,c]ta9ty
 ,act4  #b4 ,election to resolve c]ta9  
op5 p>tn]%ip controv]sies involv+       
donations ( cons]vation easem5ts  7a7   
,def9itions ,= purposes ( ?is section-- 
7#a7 ,eligible contribution ,! t]m      
eligible contribution means any         
contribution claim$ by a p>tn]%ip 9 a   
taxable ye> end+ on or be=e ,decemb]    
#ca1 #bjbe1 ) respect to :i* a d$uction 
0 claim$ "u section #agj ( ! ,int]nal   
,rev5ue ,code ( #aihf on ! p>tn]%ip     

return = su* ye> on ! basis t su*       
contribution 0 a qualifi$ cons]vation   
contribution 7z def9$ 9 section         
#agj7;h77#a7 ( su* ,code74 ,= purposes (
 ?is section1 su* contribution %all be  
treat$ z made by ! p>tn]%ip t 0 ! donor 
( ! contribut$ prop]ty = purposes (     
section #agj ( su* ,code1 det]m9$ )\t   
reg>d to any ag5cy or nom9ee arrangem5t4
  7#b7 ,claim$ d$uction ,! t]m claim$   
d$uction means ! aggregate am\nt ( !    
d$uction ) respect to an eligible       
contribution t 0 allocable to ! ultimate
 taxpay] p>tn]s1 z report$ on ,s*$ule   
,k-#a or simil> /atem5ts furni%$        
7directly or indirectly ?r\gh #a or m   
pass-?r\gh entities7 to su* p>tn]s = !  
taxable ye> 9 :i* su* d$uction is tak5  
into acc\nt "u section #gjf7;a71 section
 #acff7;a71 or o!r applicable provision 
( ! ,int]nal ,rev5ue ,code ( #aihf1     
includ+ any am5dm5ts fil$ on or be=e !  
date ! election /atem5t is fil$4 ,9     
det]m9+ ! claim$ d$uction1 ! elect+     
p>tn]%ip may rely on report$ am\nts 7z  

am5d$7 unless x has actual k t a diff]5t
 am\nt 0 allocable to ultimate taxpay]  
p>tn]s1 & may rely on writt5            
repres5tations f upp]-ti] pass-?r\gh    
entities4 ,any discrepancy betwe5 !     
am\nt us$ 9 ! election /atem5t & !      
actual aggregate am\nt %all be subject  
to adju/m5t "u subsection 7h71 b %all n 
by itself invalidate ! election4  7#c7  
,op5 matt] ,! t]m op5 matt] means1 )    
respect to any eligible contribution1 a 
contribution ) respect to :i*-- 7,a7 z (
 ! date ! election /atem5t is fil$1 !   
p]iod = assessm5t ( any tax impos$ by   
*apt] #a ( ! ,int]nal ,rev5ue ,code (   
#aihf t is attributable to su*          
contribution has n expir$ 7det]m9$ aft] 
! application ( section #feja ( su*     
,code 7includ+ any ext5sion "u section  
#feja7;c77#d7 ( su* ,code & any         
susp5sion "u section #fejc ( su* ,code7 
&1 to ! ext5t applicable1 section #fbbi 
( su* ,code 7z 9 effect = p>tn]%ip      
taxable ye>s beg9n+ be=e ,janu>y #a1    
#bjah7 & section #fbce ( su* ,code72 or 

7,b7 ! ,secret>y has issu$ to !         
p>tn]%ip1 ! applicable p>tn]%ip         
repres5tative1 or any p]son au?oriz$ to 
act = ! p>tn]%ip1 a writt5 notice or    
reque/ id5tify+ ! p>tn]%ip1 ! taxable   
ye>1 & ! contribution 7or ! cons]vation 
easem5t transaction ( :i* su*           
contribution is a "p71 indicat+ review1 
exam9ation1 or propos$ adju/m5t ( !     
,f$]al income tax treatm5t !re(1 or an  
adm9i/rative appeal or judicial proce$+ 
is p5d+ ) respect !reto4  7#d7 ,election
 p]iod ,! t]m election p]iod means !    
#cfj-;day p]iod beg9n+ on ! date (      
enactm5t ( ?is ,act4  7#e7 ,common      
m>ket+ gr\p  7,a7 ,9 g5]al ,! t]m common
 m>ket+ gr\p means all p>tn]%ips )      
eligible contributions ) respect to :i* 
! same pr9cipal organiz] or manag] 7z   
def9$ 9 subp>agraph 7,b771 ev5 if act+ 9
 conjunction ) #a or m o!r p]sons1 0    
pr9cipally responsible = organiz+ or    
manag+ ! plan or arrangem5t pursuant to 
:i* su* eligible contributions 7        
solicit$1 /ructur$1 or facilitat$1 &    

includes all p>tn]%ips ) eligible       
contributions ) respect to :i* any p]son
 relat$ 7)9 ! mean+ ( section #bfg7;b7  
or section #gjg7;b77#a7 ( ! ,int]nal    
,rev5ue ,code ( #aihf7 to su* pr9cipal  
organiz] or manag] 0 s pr9cipally       
responsible4  7,b7 ,pr9cipal organiz] or
 manag] ,= purposes ( ?is section1 a    
p]son %all be treat$ z a pr9cipal       
organiz] or manag] ) respect to an      
eligible contribution if su* p]son 7or  
any p]son relat$ to su* p]son )9 ! mean+
 ( section #bfg7;b7 or section          
#gjg7;b77#a7 ( ! ,int]nal ,rev5ue ,code 
( #aihf7 satisfies any ( ! foll[+       
conditions3  7i7 ,su* p]son is id5tifi$ 
z an organiz]1 manag]1 sponsor1 promot]1
 arrang]1 or simil> role 9 any writt5   
(f]+ mat]ial1 subscription agreem5t1    
m>ket+ pres5tation1 p>tn]%ip agreem5t1  
managem5t agreem5t1 side lett]1 or o!r  
writt5 communication provid$ to any     
p>tn] or prospective p>tn] 9 connection 
) ! p>tn]%ip mak+ ! eligible            
contribution4  7ii7 ,su* p]son receiv$1 

directly or indirectly1 or 0 entitl$ to 
receive1 any fee1 commission1           
comp5sation1 pr(it int]e/1 or o!r       
economic b5efit 7o!r ?an reimbursem5t ( 
reasonable out-(-pocket exp5ses7 9      
connection ) organiz+1 manag+1 m>ket+1  
/ructur+1 facilitat+1 or arrang+ f9anc+ 
= ! eligible contribution1 or = !       
acquisition1 hold+1 or donation ( !     
prop]ty ) respect to :i* ! eligible     
contribution 0 made4  7iii7 ,su* p]son  
s]v$1 directly or indirectly1 z a g5]al 
p>tn]1 manag+ memb]1 manag]1 tru/ee1    
inve/m5t manag]1 or simil> controll+    
p]son ) au?ority 7"u gov]n+ docum5ts or 
contract7 ov] ! p>tn]%ip's acquisition1 
hold+1 managem5t1 disposition1 or       
donation ( ! prop]ty1 or ov] ! decision 
to make ! eligible contribution4  7,c7  
,ov]lapp+ gr\ps ,if a p>tn]%ip w\ld be  
treat$ z a memb] ( m ?an #a common      
m>ket+ gr\p "u ?is p>agraph1 all su*    
gr\ps %all be treat$ z a s+le common    
m>ket+ gr\p = purposes ( ?is section4   
7#f7 ,designat$ p>tn]%ip ,! t]m         

designat$ p>tn]%ip means ! p>tn]%ip     
designat$ "u subsection 7d77#c74  7#g7  
,elect+ p>tn]%ip ,! t]m elect+ p>tn]%ip 
means ! designat$ p>tn]%ip 79 ! case ( a
 common m>ket+ gr\p7 or ! p>tn]%ip t    
made ! eligible contribution 79 all o!r 
cases74  7#h7 ,non-contribut+ p>tn] ,!  
t]m non-contribut+ p>tn] means any      
ultimate taxpay] p>tn] id5tifi$ "u      
subsection 7f77#a77;,a77ii74  7#i7      
,election /atem5t ,! t]m election       
/atem5t means ! writt5 /atem5t fil$ "u  
subsection 7b77#b7 t includes !         
in=mation requir$ "u subsection 7b77#c74
  7#aj7 ,applicable p>tn]%ip            
repres5tative ,! t]m applicable p>tn]%ip
 repres5tative means ! p>tn]%ip         
repres5tative designat$ "u section      
#fbbc7;a7 ( ! ,int]nal ,rev5ue ,code (  
#aihf 7= p>tn]%ip taxable ye>s beg9n+   
aft] ,decemb] #ca1 #bjag7 or ! tax      
matt]s p>tn] designat$ "u section       
#fbca7;a77#g7 ( su* ,code 7z 9 effect = 
p>tn]%ip taxable ye>s beg9n+ be=e       
,janu>y #a1 #bjah74  7#aa7 ,pass-?r\gh  

entity ,! t]m pass-?r\gh entity means   
any p>tn]%ip1 ,s corporation1 e/ate1 or 
tru/4  7#ab7 ,ultimate taxpay] p>tn] ,! 
t]m ultimate taxpay] p>tn] means1 )     
respect to any portion ( a d$uction     
attributable to an eligible             
contribution1 ! p]son t1 aft] tak+ into 
acc\nt allocations ( su* portion ?r\gh  
"o or m pass-?r\gh entities1 actually   
takes su* portion into acc\nt 9 det]m9+ 
! tax impos$ by *apt] #a & receives !   
,f$]al income tax b5efit ( su* portion1 
:e!r z a p>tn]1 %>ehold]1 b5efici>y1    
own]1 or o!rwise4 ,except z provid$ 9 ! 
prec$+ s5t5ce1 a pass-?r\gh entity %all 
n be treat$ z an ultimate taxpay] p>tn]4
 ,a pass-?r\gh entity %all be treat$ z  
an ultimate taxpay] p>tn] to ! ext5t su*
 entity is itself subject to tax "u     
*apt] #a & claims ! b5efit ( su*        
portion4  7#ac7 ,secret>y ,! t]m        
,secret>y means ! ,secret>y ( !         
,treasury or ! ,secret>y's delegate4    
7b7 ,election2 mak+ election2 effect    
7#a7 ,9 g5]al ,not)/&+ any o!r provision

 ( ! ,int]nal ,rev5ue ,code ( #aihf1 9 !
 case ( any eligible contribution ) an  
op5 matt]1 ! elect+ p>tn]%ip may elect  
to h ?is section apply4 ,an election "u 
?is section may include only eligible   
contributions t h an op5 matt] z ( !    
date ! election /atem5t is fil$4  7#b7  
,mak+ ! election ,an election "u ?is    
section %all be made by fil+1 n lat] ?an
 ! la/ day ( ! election p]iod1 an       
election /atem5t ) ! ,secret>y at !     
place prescrib$ "u section #fjia ( !    
,int]nal ,rev5ue ,code ( #aihf = fil+ ! 
p>tn]%ip return ( ! elect+ p>tn]%ip4 ,! 
p>tn]%ip %all submit ! remittance       
requir$ "u subsection 7e77#b7 ) !       
election /atem5t4 ,su* remittance %all  
be 9 ! =m ( a ca%i]'s *eck1 c]tifi$     
*eck1 money ord]1 or o!r *eck payable to
 ! ,unit$ ,/ates ,treasury1 & %all      
id5tify ! elect+ p>tn]%ip & /ate t x    
relates to an election "u ?is section4  
7#c7 ,requir$ cont5ts ( election /atem5t
 ,! election /atem5t %all set =?1 )     
respect to ! eligible contribution--    

7,a7 ! "n1 address1 & employ]           
id5tification numb] ( ! elect+ p>tn]%ip 
&1 9 ! case ( a common m>ket+ gr\p1 ! "n
 & employ] id5tification numb] ( ea*    
p>tn]%ip ^: eligible contributions are  
includ$ 9 ! election2  7,b7 ! taxable   
ye> or ye>s ( ! contributions encompass$
 by ! election2  7,c7 id5tification (   
ea* donee & ! prop]ty1 includ+ ! date ( 
ea* eligible contribution2  7,d7 !      
claim$ d$uction2  7,e7 ! settlem5t      
limitation am\nt det]m9$ "u subsection  
7c72  7,f7 ! tax compon5t det]m9$ "u    
subsection 7e77#a77;,b72  7,g7 ! p5alty 
compon5t det]m9$ "u subsection          
7e77#a77;,c72  7,h7 ! settlem5t am\nt   
det]m9$ "u subsection 7e77#a77;,a72 &   
7,i7 9 ! case ( an elect+ p>tn]%ip ) a  
non-contribut+ p>tn]1 ! s*$ule describ$ 
9 subsection 7f77#a74  7#d7 ,effect2    
waiv] ,if an election "u ?is section    
becomes effective "u p>agraph 7#f7--    
7,a7 !re %all be all[$ z a d$uction "u  
section #agj ( ! ,int]nal ,rev5ue ,code 
( #aihf ) respect to ! eligible         

contribution an am\nt equal to ! less] (
 ! claim$ d$uction or ! settlem5t       
limitation am\nt1 )\t reg>d to any issue
 conc]n+ ! qualification1 valuation1 or 
sub/antiation ( su* contribution2  7,b7 
! settlem5t am\nt %all be due & payable 
z provid$ 9 subsection 7e72  7,c7 except
 z provid$ 9 subsection 7f71 paym5t ( ! 
settlem5t am\nt & any int]e/ requir$ "u 
subsection 7e77#d7 %all resolve all     
,f$]al income tax liability 7includ+    
p5alties & int]e/7 attributable to !    
excess ( ! claim$ d$uction ov] !        
settlem5t limitation am\nt2 &  7,d7 !   
elect+ p>tn]%ip1 ea* p>tn] !re(1 ea*    
pass-?r\gh entity ?r\gh :i* any portion 
( ! claim$ d$uction is allocable1 & ea* 
ultimate taxpay] p>tn] to :i* any       
portion ( ! claim$ d$uction is allocable
 waive any "r to conte/ ! am\nts        
describ$ 9 subp>agraphs 7,e71 7,f71     
7,g71 or 7,h7 ( p>agraph 7#c71          
adm9i/ratively or judicially4  7#e7     
,c\rtesy notice ,)9 #aj days ( fil+ an  
election /atem5t1 ! elect+ p>tn]%ip %all

 provide a copy !re( to any rev5ue ag5t1
 appeals (fic]1 or *ief c\nsel attorney 
assign$ to ! p>tn]%ip t made ! eligible 
contribution1 & to ! ,cl]k ( ! ,tax     
,c\rt1 any ,unit$ ,/ates ,di/rict ,c\rt1
 or any ,c\rt ( ,appeals 9 :i* proce$+s 
involv+ ! eligible contribution are     
p5d+4 ,copies provid$ to c\rts %all     
exclude any s*$ule describ$ 9 subsection
 7f77#a7 & %all r$act taxpay]           
id5tification numb]s & /reet addresses4 
,failure to provide su* notice %all n   
affect ! validity ( ! election4  7#f7   
,date election becomes effective ,an    
election t satisfies ! requirem5ts ( ?is
 subsection & is accompani$ by ! requir$
 remittance "u subsection 7e77#b7 %all  
be effective ^u fil+4 ,no acceptance1   
ackn[l$gm5t1 det]m9ation1 =m1           
regulation1 or o!r adm9i/rative action  
by ! ,secret>y %all be requir$ = !      
election to be effective4 ,no requirem5t
 or proc$ural /ep o!r ?an ^? expressly  
set =? 9 ?is section may be impos$ z a  
condition to mak+ or giv+ effect to an  

election4  7#g7 ,timely mail+ ,=        
purposes ( ?is section1 section #gejb ( 
! ,int]nal ,rev5ue ,code ( #aihf        
7det]m9$ )\t reg>d to subsection 7f7    
!re(7 %all apply to ! election /atem5t1 
any requir$ s*$ule or au?orization1 &   
any accompany+ remittance4  7#h7        
,susp5sion ( limitations ,! runn+ ( any 
p]iod ( limitation on assessm5t )       
respect to any tax attributable to an   
eligible contribution = :i* an election 
becomes effective "u p>agraph 7#f7 %all 
be susp5d$ f ! date ( fil+ ( ! election 
/atem5t until ! e>li] ( #b ye>s aft] !  
date su* election becomes effective or !
 date ! election becomes void "u        
subsection 7h77#d71 & = #ij days        
!reaft]4  7#i7 ,signature2 f9ality ,!   
election /atem5t %all be sign$ by !     
applicable p>tn]%ip repres5tative4 ,an  
effective election %all be irrevocable &
 b9d+ on ! elect+ p>tn]%ip1 ea* p>tn]   
!re(1 ea* p>tn]%ip 9 a common m>ket+    
gr\p ^: au?orization is includ$ "u      
subsection 7d77#c71 ea* pass-?r\gh      

entity ?r\gh :i* any portion ( ! claim$ 
d$uction is allocable1 & ea* ultimate   
taxpay] p>tn] to :i* any portion ( !    
claim$ d$uction is allocable4 ,except z 
expressly provid$ 9 subsection 7f77#f7 &
 7h77#d71 su* election %all n be subject
 to judicial review4 ,su* election %all 
be treat$ z a clos+ agreem5t "u section 
#gaba ) respect to ! am\nt ( ! d$uction 
all[$ "u p>agraph 7#d77;,a71 z adju/$ "u
 subsection 7h71 & ! matt]s resolv$ "u  
p>agraph 7#d77;,c71 & %all be deem$     
approv$ by ! ,secret>y "u section       
#gaba7;b7 z ( ! date ! election becomes 
effective4  7c7 ,settlem5t limitation   
am\nt ,= purposes ( ?is section-- 7#a7  
,g5]al rule ,except z provid$ 9 p>agraph
 7#b71 ! t]m settlem5t limitation am\nt 
means an am\nt equal to #b4e times !    
aggregate am\nt ( capital contribut$1   
directly or indirectly1 by ! ultimate   
taxpay] p>tn]s to ! p>tn]%ip4  7#b7     
,except$ contributions  ,9 ! case ( an  
eligible contribution meet+ !           
requirem5ts ( subp>agraph 7,c71 7,d71 or

 7,e7 ( p>agraph 7#g7 ( ! ,int]nal      
,rev5ue ,code ( #aihf 7det]m9$ z if     
section #agj7;h77#g7 ( su* ,code appli$ 
to su* contribution71 ! t]m settlem5t   
limitation am\nt means an am\nt equal to
 #c4b times ! aggregate am\nt ( capital 
contribut$1 directly or indirectly1 by !
 ultimate taxpay] p>tn]s1 exclud+ any   
am\nt d]iv$ f a loan1 insurance         
arrangem5t1 or o!r f9anc+ provid$ by !  
pr9cipal organiz] or manag]1 or by any  
p]son relat$ 7)9 ! mean+ ( section      
#bfg7;b7 or section #gjg7;b77#a7 ( su*  
,code7 to su* pr9cipal organiz] or      
manag]4  7d7 ,aggregation = common      
m>ket+ gr\ps  7#a7 ,s+le contribution   
treatm5t ,all eligible contributions (  
p>tn]%ips 9 a common m>ket+ gr\p t are  
describ$ 9 ! election /atem5t & t ea*   
has an op5 matt] z ( ! date ! election  
/atem5t is fil$ %all be treat$ z a s+le 
eligible contribution = purposes ( ?is  
section4  7#b7 ,computation on comb9$   
basis ,9 ! case ( a common m>ket+ gr\p1 
! claim$ d$uction1 settlem5t limitation 

am\nt1 & settlem5t am\nt %all be comput$
 by aggregat+ across all p>tn]%ips & all
 taxable ye>s 9 ! gr\p ) respect to !   
eligible contributions describ$ 9 !     
election /atem5t4  7#c7 ,designation &  
au?orizations ,a common m>ket+ gr\p %all
 act ?r\gh a designat$ p>tn]%ip4 ,!     
designat$ p>tn]%ip %all be id5tifi$ by  
"n & employ] id5tification numb] 9 a    
writt5 au?orization execut$ by !        
applicable p>tn]%ip repres5tative ( ea* 
p>tn]%ip 9 ! gr\p4  7#d7 ,validity      
condition ,except z provid$ 9 p>agraph  
7#e71 an election by a designat$        
p>tn]%ip %all n be effective unless !   
election /atem5t includes au?orizations 
f ea* p>tn]%ip 9 ! common m>ket+ gr\p1  
o!r ?an a p>tn]%ip id5tifi$ by "n &     
employ] id5tification numb] 9 ! election
 /atem5t z exclud$ because approval (   
its p>tn]s requir$ "u applicable law or 
! gov]n+ docum5ts ( su* p>tn]%ip = !    
au?orization "u p>agraph 7#c7 0 n       
obta9$4 ,a p>tn]%ip s id5tifi$1 & ea*   
eligible contribution ( su* p>tn]%ip1   

%all be disreg>d$ 9 apply+ ?is          
subsection to su* election4 ,su*        
p>tn]%ip may n make1 or be includ$ 91   
any election "u ?is section1 :e!r       
sep>ately or z "p ( any common m>ket+   
gr\p4  7#e7 ,effect ( f9al decisions ,if
 #a or m p>tn]%ips 9 a common m>ket+    
gr\p are preclud$ f elect+ "u subsection
 7g77#c71 ! rema9+ p>tn]%ips may make a 
gr\p election if all p>tn]%ips to :i*   
subsection 7g77#c7 does n apply1 o!r ?an
 p>tn]%ips exclud$ "u p>agraph 7#d71    
provide au?orizations "u p>agraph 7#c74 
,9 any case 9 :i* ?is p>agraph applies1 
p>agraph 7#b7 %all be appli$ by exclud+ 
any p>tn]%ip preclud$ "u subsection     
7g77#c74  7e7 ,paym5t ( settlem5t am\nt 
7#a7 ,settlem5t am\nt ,= purposes ( ?is 
section--  7,a7 ,9 g5]al ,! t]m         
settlem5t am\nt means ! sum (-- 7i7 !   
tax compon5t2 &  7ii7 ! p5alty compon5t4
  7,b7 ,tax compon5t ,! tax compon5t is 
equal to ! product (--  7i7 ! excess ( !
 claim$ d$uction ov] ! settlem5t        
limitation am\nt2 &  7ii7 ! highe/ rate 

( tax 9 effect "u section #a ( !        
,int]nal ,rev5ue ,code ( #aihf = any    
taxable ye> encompass$ by ! election4   
7,c7 ,p5alty compon5t ,! p5alty compon5t
 is equal to ! am\nt t w\ld be det]m9$  
"u section #fffb ( ! ,int]nal ,rev5ue   
,code ( #aihf by apply+ ! applicable    
p5alty rate "u p>agraph 7#c7 to an      
und]paym5t equal to ! tax compon5t & by 
treat+ ! less] ( ! claim$ d$uction or ! 
settlem5t limitation am\nt z ! correct  
am\nt ( ! d$uction4  7#b7 ,paym5t ,an   
elect+ p>tn]%ip %all pay ! settlem5t    
am\nt1 toge!r ) any int]e/ requir$ "u   
p>agraph 7#d71 n lat] ?an ! la/ day ( ! 
election p]iod4 ,except z provid$ 9     
subsection 7f71 an election %all n be   
effective unless ! elect+ p>tn]%ip      
remits ! full settlem5t am\nt1 toge!r ) 
any int]e/ requir$ "u p>agraph 7#d71 ) !
 election /atem5t4 ,if ! settlem5t      
am\nt1 toge!r ) any int]e/ requir$ "u   
p>agraph 7#d71 is z]o1 no remittance    
%all be requir$1 & an election %all n   
fail to be effective by reason ( !      

abs5ce ( a remittance4  7#c7 ,applicable
 p5alty rate ,! applicable p5alty rate  
%all be-- 7,a7 ! rate applicable "u     
section #fffb7;h7 ( ! ,int]nal ,rev5ue  
,code ( #aihf ) respect to ! portion (  
an und]paym5t attributable to ! claim$  
d$uction 9 excess ( #bjj p]c5t ( !      
settlem5t limitation am\nt2 &  7,b7 !   
rate applicable "u section #fffb7;a7 ( !
 ,int]nal ,rev5ue ,code ( #aihf )       
respect to ! portion ( an und]paym5t    
attributable to ! claim$ d$uction 9     
excess ( #aej p]c5t ( ! settlem5t       
limitation am\nt b n 9 excess ( #bjj    
p]c5t ( ! settlem5t limitation am\nt4   
,no p5alty rate %all apply ) respect to 
! portion ( an und]paym5t attributable  
to ! claim$ d$uction n 9 excess ( #aej  
p]c5t ( ! settlem5t limitation am\nt4 ,!
 application ( ! rates "u subp>agraphs  
7,a7 & 7,b7 %all be det]m9$ )\t reg>d to
 sections #fffb7;e77#b7 & #fffd7;c7 ( ! 
,int]nal ,rev5ue ,code ( #aihf4  7#d7   
,int]e/ waiv] ,9 ! case ( any portion ( 
! settlem5t am\nt remitt$ by ! elect+   

p>tn]%ip n lat] ?an ! la/ day ( !       
election p]iod1 all int]e/ "u section   
#ffja ( ! ,int]nal ,rev5ue ,code ( #aihf
 ) respect to su* portion accru+ on or  
be=e ! la/ day ( ! #ij-;day p]iod beg9n+
 on ! date ( enactm5t ( ?is ,act %all be
 waiv$4 ,if su* portion is remitt$ aft] 
! la/ day ( su* #ij-;day p]iod1 int]e/  
"u su* section %all accrue on su*       
portion only = ! p]iod beg9n+ on ! day  
aft] su* la/ day & end+ on ! date (     
remittance4 ,except z provid$ 9         
subsection 7f71 no int]e/ %all be waiv$ 
"u ?is p>agraph ) respect to any am\nt n
 remitt$ by ! la/ day ( ! election      
p]iod4  7#e7 ,assessm5t & collection    
,any settlem5t am\nt 7& any am\nt       
assess$ "u subsection 7f77 %all be      
assess$ & collect$ 9 ! same mann] z tax 
impos$ by *apt] #a ( ! ,int]nal ,rev5ue 
,code ( #aihf4 ,! ,secret>y %all accept 
& apply any remittance requir$ "u       
p>agraph 7#b7 z a paym5t ( ! settlem5t  
am\nt & any int]e/ requir$ "u p>agraph  
7#d7 )\t any receipt1 notice1 or        

adm9i/rative action affect+ !           
effectiv5ess ( ! election4  7f7         
,non-,contribut+ p>tn]s  7#a7           
,id5tification ( non-contribut+ p>tn]s  
7,a7 ,9 g5]al ,if ! elect+ p>tn]%ip does
 n remit ! full settlem5t am\nt solely  
because "o or m ultimate taxpay] p>tn]s 
fail to provide _! respective allocable 
am\nts1 ! election /atem5t %all include 
a s*$ule id5tify+--  7i7 ea* ultimate   
taxpay] p>tn] :o has contribut$ su*     
p>tn]'s allocable am\nt2  7ii7 ea*      
ultimate taxpay] p>tn] :o has n         
contribut$ su* p>tn]'s allocable am\nt2 
&  7iii7 ! foll[+ in=mation = ea* p>tn] 
describ$ 9 clauses 7i7 & 7ii73  7,i7 ,! 
"n1 curr5t address1 taxpay]             
id5tification numb] ( su* p>tn]4  7,,ii7
 ,! am\nt describ$ 9 subp>agraph 7,b77i7
 ) respect to su* p>tn]4  7,,iii7 ,!    
allocable am\nt = su* p>tn]4  7,b7      
,allocable am\nt ,= purposes ( ?is      
subsection1 a p>tn]'s allocable am\nt is
 equal to ! product ( ! settlem5t am\nt 
& a fraction--  7i7 ! num]ator ( :i* is 

su* p>tn]'s %>e ( ! d$uction 7z report$ 
on ! ,s*$ule ,k-#a or simil> /atem5t1   
includ+ am5dm5ts fil$ be=e ! date !     
election /atem5t is fil$72 &  7ii7 !    
d5om9ator ( :i* is ! total claim$       
d$uction4  7#b7 ,r$uc$ remittance ,9 !  
case ( an election /atem5t includ+ a    
s*$ule "u p>agraph 7#a71 ! am\nt ( !    
remittance requir$ "u subsection 7e77#b7
 %all be r$uc$ by ! aggregate allocable 
am\nts ( non-contribut+ p>tn]s4  7#c7   
,assessm5t aga9/ non-contribut+ p>tn]s  
,! ,secret>y %all assess aga9/ ea*      
non-contribut+ p>tn] an am\nt equal to !
 sum (--  7,a7 su* p>tn]'s allocable    
am\nt1 &  7,b7 an am\nt equal to #be    
p]c5t ( ! product ( ! tax compon5t      
det]m9$ "u subsection 7e77#a77;,b7 & !  
fraction describ$ 9 p>agraph 7#a77;,b74 
,su* am\nt %all be payable ^u notice &  
dem&4  7#d7  ,int]e/  ,int]e/ "u section
 #ffja ( ! ,int]nal ,rev5ue ,code (     
#aihf %all accrue on any am\nt assess$  
"u ?is subsection beg9n+ on ! day aft] !
 la/ day ( ! election p]iod4  7#e7      

,p]iod ( limitations  ,= purposes (     
section #feja ( ! ,int]nal ,rev5ue ,code
 ( #aihf1 ! p]iod = assessm5t ( any     
am\nt "u ?is subsection %all n expire   
be=e #c ye>s aft] ! la/ day ( ! election
 p]iod4  7#f7  ,assessm5t proc$ures2    
judicial review  ,am\nts assess$ "u     
p>agraph 7#c7 %all be imm$iately        
assessable1 & ! re/rictions "u section  
#fbac7;a7 ( ! ,int]nal ,rev5ue ,code (  
#aihf on assessm5t & collection %all n  
apply4 ,a non-contribut+ p>tn] may      
conte/ ! computation ( su* p>tn]'s      
allocable am\nt only by pay+ ! am\nt    
assess$ & fil+ a claim = refund "u      
section #feaa ( su* ,code4 ,no?+ 9 ?is  
subsection %all limit a non-contribut+  
p>tn]'s "r to br+ suit "u section #gdbb 
( su* ,code foll[+ disall[ance ( su*    
claim4  7g7 ,coord9ation ) prior        
proce$+s  7#a7 ,prior settlem5ts ,if a  
p>tn]%ip has ent]$ into a clos+ agreem5t
 "u section #gaba ( ! ,int]nal ,rev5ue  
,code ( #aihf or a compromise "u section
 #gabb ( su* ,code ) respect to an      

eligible contribution1 ! p>tn]%ip %all  
exclude f ! election any matt]s resolv$ 
!reby4  7#b7 ,p5d+ /ipulat$ decisions ,a
 p>tn]%ip ) respect to :i* a /ipulat$   
decision has be5 lodg$ ) ! ,tax ,c\rt b 
n yet ent]$ may )draw su* /ipulation &  
make an election1 provid$ t su* )drawal 
occurs be=e ! la/ day ( ! election      
p]iod4  7#c7 ,f9al decisions ,no        
election may be made ) respect to an    
eligible contribution if a decision ( ! 
,tax ,c\rt has become f9al )9 ! mean+ ( 
section #gdha ( ! ,int]nal ,rev5ue ,code
 ( #aihf1 or if a judgm5t ( any o!r c\rt
 has become f9al & is no long] subject  
to review 7includ+ by petition = writ ( 
c]tior>i74  7#d7 ,section #fbbf         
elections ,if a p>tn]%ip has made an    
election "u section #fbbf ( ! ,int]nal  
,rev5ue ,code ( #aihf ) respect to an   
imput$ und]paym5t attributable to an    
eligible contribution1 an election "u   
?is section may be made only if su*     
election "u section #fbbf ( su* ,code is
 revok$4 ,not)/&+ section #fbbf ( su*   

,code & any regulations !reund]1 su*    
revocation %all be made by a writt5     
/atem5t sign$ by ! applicable p>tn]%ip  
repres5tative & includ$ ) ! election    
/atem5t1 & %all be effective solely )   
respect to ! eligible contribution &    
items attributable !reto4  7h7          
,exam9ation = computational accuracy    
7#a7 ,au?ority ,not)/&+ subsection      
7b77#d71 ! ,secret>y may exam9e any     
election solely to v]ify ! correctness (
 computational elem5ts1 includ+ ! claim$
 d$uction1 relevant basis or capital    
contributions1 settlem5t limitation     
am\nt1 ! int]e/ requir$ "u subsection   
7e77#d71 tax compon5t1 & p5alty         
compon5t4 ,su* exam9ation %all n ext5d  
to any det]m9ation ( fair m>ket value or
 any o!r sub/antive issue resolv$ by !  
election4  7#b7 ,adju/m5t = discrepancy 
,if ! ,secret>y det]m9es t ! settlem5t  
am\nt or any int]e/ requir$ "u          
subsection 7e77#d7 0 incorrectly        
comput$1 ! ,secret>y %all notify !      
elect+ p>tn]%ip ( su* discrepancy & !   

correct$ am\nt by mail+ notice to ! la/ 
kn[n address ( su* p>tn]%ip4 ,not)/&+   
subsections 7b77#f7 & 7e77#b71 su*      
discrepancy %all n1 by itself1 cause !  
election to fail to become effective or 
o!rwise invalidate ! election1 except z 
provid$ 9 p>agraph 7#f74 ,except z      
provid$ 9 p>agraphs 7#c7 & 7#d71 any    
additional am\nt due %all be payable )9 
#ij days ( su* notification4  7#c7      
,adm9i/rative review ,if1 )9 ! #ij-;day 
p]iod describ$ 9 p>agraph 7#b71 ! elect+
 p>tn]%ip files a writt5 prote/ or      
reque/ = adm9i/rative review ( all or   
any portion ( ! additional am\nt1 !     
,secret>y %all provide adm9i/rative     
review1 includ+ review by ! ,indep5d5t  
,(fice ( ,appeals if o!rwise available4 
,assessm5t & collection ( ! disput$     
portion %all be susp5d$ :ile su*        
adm9i/rative review is p5d+4 ,^u        
conclusion ( su* review1 ! ,secret>y    
%all mail to ! elect+ p>tn]%ip a notice 
( f9al adm9i/rative det]m9ation sett+ =?
 ! am\nt1 if any1 f9ally det]m9$ by !   

,secret>y4  7#d7 ,judicial review ,!    
elect+ p>tn]%ip may conte/ ! computation
 ( any additional am\nt det]m9$ "u      
p>agraph 7#b7 or 7#c7 by fil+ a petition
 ) ! ,tax ,c\rt )\t prior paym5t or1    
aft] paym5t1 by fil+ a claim = refund "u
 section #feaa ( ! ,int]nal ,rev5ue     
,code ( #aihf4 ,any petition to ! ,tax  
,c\rt %all be fil$ )9 #ij days aft] !   
,secret>y mails ! notice describ$ 9     
p>agraph 7#b71 or1 if adm9i/rative      
review is timely reque/$ "u p>agraph    
7#c71 )9 #ij days aft] ! ,secret>y mails
 ! notice ( f9al adm9i/rative           
det]m9ation describ$ 9 p>agraph 7#c74 ,!
 ,tax ,c\rt %all h jurisdiction ov] any 
timely petition fil$ "u ?is p>agraph1   
not)/&+ t ! elect+ p>tn]%ip is n o!rwise
 liable = tax "u ! ,int]nal ,rev5ue     
,code ( #aihf1 & may r$et]m9e ! correct 
am\nt ( ! disput$ additional am\nt1 b   
only ) respect to ! computational       
elem5ts describ$ 9 p>agraph 7#a74 ,no   
assessm5t1 levy1 or proce$+ 9 c\rt =    
collection ( ! disput$ portion %all be  

made1 begun1 or prosecut$ until !       
expiration ( ! applicable #ij-;day      
p]iod1 or1 if a petition is timely fil$1
 until ! decision ( ! ,tax ,c\rt has    
become f9al "u section #gdha ( su*      
,code4 ,no?+ 9 ?is p>agraph %all be     
con/ru$ to limit ! elect+ p>tn]%ip's "r 
to br+ suit "u section #gdbb ( su* code 
foll[+ disall[ance ( su* claim4  7#e7   
,effect on election ,no election %all be
 void or o!rwise impair$ solely because 
! elect+ p>tn]%ip ex]cises its rights "u
 p>agraph 7#c7 or 7#d74 ,! election %all
 rema9 9 effect p5d+ any adm9i/rative   
review1 ,tax ,c\rt proce$+1 or refund   
claim or suit4 ,if any additional am\nt 
f9ally det]m9$ "u p>agraph 7#b71 7#c71  
or 7#d7 is paid )9 #ij days aft]-- 7,a7 
! ,secret>y mails ! notice describ$ 9   
p>agraph 7#b71 if ! elect+ p>tn]%ip     
nei!r timely reque/s adm9i/rative review
 "u p>agraph 7#c7 nor timely files a    
petition "u p>agraph 7#d72  7,b7 !      
,secret>y mails ! notice ( f9al         
adm9i/rative det]m9ation describ$ 9     

p>agraph 7#c71 if ! elect+ p>tn]%ip     
timely reque/s adm9i/rative review "u   
p>agraph 7#c7 b does n timely file a    
petition "u p>agraph 7#d72 or  7,c7 !   
decision ( ! ,tax ,c\rt becomes f9al1 if
 ! elect+ p>tn]%ip timely files a       
petition "u p>agraph 7#d71 ! election   
%all rema9 9 effect at ! correct$       
settlem5t am\nt1 & no fur!r liability1  
o!r ?an int]e/ "u section #ffja ( !     
,int]nal ,rev5ue ,code ( #aihf on !     
additional am\nt f ! la/ day ( !        
election p]iod1 %all arise f su*        
adju/m5t4  7#f7 ,election void ,!       
election %all be void f ! beg9n+ only if
 an additional am\nt f9ally det]m9$ "u  
p>agraph 7#b71 7#c71 or 7#d7 is n paid  
)9 ! applicable p]iod specifi$ 9        
p>agraph 7#e74  7#g7 ,effect ( void$    
election ,if an election becomes void "u
 p>agraph 7#f71 any am\nts previ\sly    
remitt$ %all be treat$ z a paym5t ( tax 
& appli$ aga9/ any liability subsequ5tly
 det]m9$ ) respect to ! eligible        
contribution4  7#h7 ,"t limit ,!        

,secret>y may n provide notification "u 
p>agraph 7#b7 aft] ! date t is #b ye>s  
aft] ! date ! election becomes effective
 "u subsection 7b77#f74  7i7 ,no        
inf]5ce2 pres]vation ( o!r rem$ies ,no?+
 9 ?is section %all be con/ru$ to create
 any inf]5ce reg>d+ ! prop] tax treatm5t
 or fair m>ket value ( any eligible     
contribution = :i* an election is n made
 "u ?is section4 ,no?+ 9 ?is section    
%all limit or affect any p5alty "u      
section #ffid1 #ffie1 #fgjj1 #fgja1 or  
any o!r provision ( ! ,int]nal ,rev5ue  
,code ( #aihf applicable to any p]son   
o!r ?an ! elect+ p>tn]%ip or its p>tn]s4
  #c4 ,contribut+-build+ /&>d = c]ta9   
qualifi$ cons]vation contributions &    
c]tifi$ hi/oric /ructures  7a7  ,am5dm5t
 to section #agj7;h77#d77;c7  ,section  
#agj7;h77#d77;,c7 is am5d$-- 7#a7 9     
clause 7ii71 by /rik+ & is c]tifi$ by ! 
,secret>y ( ! ,int]ior to ! ,secret>y z 
be+ ( hi/oric significance to ! di/rict 
& ins]t+ & is a contribut+ build+2 &    
7#b7 by ins]t+ aft] clause 7ii7 ! foll[+

 flu% language3 ,= purposes ( clause    
7ii71 ! t]m contribut+ build+ means any 
build+ t--  7,i7 is id5tifi$ z          
contribut+ 9 ! ,national ,regi/]        
nom9ation = ! di/rict1 any am5dm5t      
!reto1 or ! (ficial map1 inv5tory1 or   
o!r di/rict docum5tation on file )1 or  
approv$ or accept$ by1 ! ,secret>y ( !  
,int]ior1 or  7,,ii7 is c]tifi$ by !    
,secret>y ( ! ,int]ior to ! ,secret>y z 
contribut+ to ! hi/oric significance ( !
 di/rict4  4  7b7  ,con=m+ am5dm5t to   
section #dg7;c77#c77;a7  ,section       
#dg7;c77#c77;,a7 is am5d$-- 7#a7 9      
clause 7ii71 by /rik+ & is c]tifi$ by ! 
,secret>y ( ! ,int]ior to ! ,secret>y z 
be+ ( hi/oric significance to ! di/rict 
& ins]t+ & is a contribut+ build+2 &    
7#b7 by ins]t+ aft] clause 7ii7 ! foll[+
 flu% language3 ,= purposes ( ?is       
p>agraph1 ! t]m contribut+ build+ means 
any build+ t--  7,i7 is id5tifi$ z      
contribut+ 9 ! ,national ,regi/]        
nom9ation = ! di/rict1 any am5dm5t      
!reto1 or ! (ficial map1 inv5tory1 or   

o!r di/rict docum5tation on file )1 or  
approv$ or accept$ by1 ! ,secret>y ( !  
,int]ior1 or  7,,ii7 is c]tifi$ by !    
,secret>y ( ! ,int]ior to ! ,secret>y z 
contribut+ to ! hi/oric significance ( !
 di/rict4  4  7c7  ,con=m+ am5dm5t to   
section #dg7;c77#c77;b77ii77i7  ,section
 #dg7;c77#c77;,b77ii77,i7 is am5d$ by   
/rik+ build+s ( hi/oric significance to 
! di/rict & ins]t+ contribut+ build+s 9 
! di/rict4  7d7 ,effective dates  7#a7  
,section #agj am5dm5t ,! am5dm5ts made  
by subsection 7a7 %all apply to         
contributions made 9 taxable ye>s end+  
be=e1 on1 or aft] ! date ( enactm5t1 b  
only ) respect to-- 7,a7 any taxable ye>
 = :i* ! p]iod = assessm5t "u section   
#feja has n expir$ z ( su* date2  7,b7  
any taxable ye> = :i* a claim = cr$it or
 refund may be fil$ "u section #feaa z (
 su* date2  7,c7 any taxable ye> to :i* 
a d$uction attributable to su*          
contribution is c>ri$ "u section        
#agj7;d7 & = :i* ! p]iod describ$ 9     
subp>agraph 7,a7 or 7,b7 rema9s op52 or 

7,d7 any adm9i/rative or judicial       
proce$+ ) respect to su* contribution t 
is p5d+ & n f9al z ( su* date4  7#b7    
,section #dg con=m+ am5dm5ts ,! am5dm5ts
 made by subsections 7b7 & 7c7 %all     
apply to taxable ye>s beg9n+ aft] ! date
 ( enactm5t4  7#c7 ,no inf]5ce ,no      
inf]5ce %all be drawn ) respect to any  
taxable ye> or proce$+ clos$ by op]ation
 ( law4