PUBLIC LAW 109–280—AUG. 17, 2006
120 STAT. 1077
SEC. 1214. CHARITABLE CONTRIBUTIONS OF TAXIDERMY PROPERTY.
(a) DENIAL OF LONG-TERM CAPITAL GAIN.—Subparagraph (B) of section 170(e)(1) is amended by striking ‘‘or’’ at the end of clause (ii), by inserting ‘‘or’’ at the end of clause (iii), and by inserting after clause (iii) the following new clause: ‘‘(iv) of any taxidermy property which is contributed by the person who prepared, stuffed, or mounted the property or by any person who paid or incurred the cost of such preparation, stuffing, or mounting,’’. (b) TREATMENT OF BASIS.—Subsection (f) of section 170, as amended by this Act, is amended by adding at the end the following new paragraph: ‘‘(15) SPECIAL RULE FOR TAXIDERMY PROPERTY.— ‘‘(A) BASIS.—For purposes of this section and notwithstanding section 1012, in the case of a charitable contribution of taxidermy property which is made by the person who prepared, stuffed, or mounted the property or by any person who paid or incurred the cost of such preparation, stuffing, or mounting, only the cost of the preparing, stuffing, or mounting shall be included in the basis of such property. ‘‘(B) TAXIDERMY PROPERTY.—For purposes of this section, the term ‘taxidermy property’ means any work of art which— ‘‘(i) is the reproduction or preservation of an animal, in whole or in part, ‘‘(ii) is prepared, stuffed, or mounted for purposes of recreating one or more characteristics of such animal, and ‘‘(iii) contains a part of the body of the dead animal.’’. (c) EFFECTIVE DATE.—The amendment made by this section shall apply to contributions made after July 25, 2006.
26 USC 170.
26 USC 170 note.
SEC. 1215. RECAPTURE OF TAX BENEFIT FOR CHARITABLE CONTRIBUTIONS OF EXEMPT USE PROPERTY NOT USED FOR AN EXEMPT USE.
(a) RECAPTURE OF DEDUCTION ON CERTAIN SALES OF EXEMPT USE PROPERTY.— (1) IN GENERAL.—Clause (i) of section 170(e)(1)(B) (related to certain contributions of ordinary income and capital gain property) is amended to read as follows: ‘‘(i) of tangible personal property— ‘‘(I) if the use by the donee is unrelated to the purpose or function constituting the basis for its exemption under section 501 (or, in the case of a governmental unit, to any purpose or function described in subsection (c)), or ‘‘(II) which is applicable property (as defined in paragraph (7)(C)) which is sold, exchanged, or otherwise disposed of by the donee before the last day of the taxable year in which the contribution was made and with respect to which the donee has not made a certification in accordance with paragraph (7)(D),’’.
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