“In determining whether a person is a substantial contributor within the meaning of section 507(d)(2) of the Internal Revenue Code of 1986 [formerly I.R.C. 1954] for purposes of applying section 4941 of such Code (relating to taxes on self-dealing), contributions made before October 9, 1969, which—“(1) were made on account of or in lieu of payments required under a lease in effect before such date, and
“(2) were coincident with or by reason of the reduction in the required payments under such lease,
shall not be taken into account. For purposes of applying section 507(d)(2)(B)(iv) of such Code, the preceding sentence shall be treated as having taken effect on January 1, 1970.”
Take Action
Your position
Add a comment
to comment on this section.
Annotate the text
Highlight any passage on the Full Text tab to attach a note. Annotations appear on the Annotations tab.