PUBLIC LAW 109–280—AUG. 17, 2006
120 STAT. 1101
rules of section 170(f)(8)(C)) from the sponsoring organization (as so defined) of such donor advised fund that such organization has exclusive legal control over the assets contributed.’’. (c) GIFT.—Section 2522(c) is amended by adding at the end the following new paragraph: ‘‘(5) CONTRIBUTIONS TO DONOR ADVISED FUNDS.—A deduction otherwise allowed under subsection (a) for any contribution to a donor advised fund (as defined in section 4966(d)(2)) shall only be allowed if— ‘‘(A) the sponsoring organization (as defined in section 4966(d)(1)) with respect to such donor advised fund is not— ‘‘(i) described in paragraph (3) or (4) of subsection (a), or ‘‘(ii) a type III supporting organization (as defined in section 4943(f)(5)(A)) which is not a functionally integrated type III supporting organization (as defined in section 4943(f)(5)(B)), and ‘‘(B) the taxpayer obtains a contemporaneous written acknowledgment (determined under rules similar to the rules of section 170(f)(8)(C)) from the sponsoring organization (as so defined) of such donor advised fund that such organization has exclusive legal control over the assets contributed.’’. (d) EFFECTIVE DATE.—The amendments made by this section shall apply to contributions made after the date which is 180 days after the date of the enactment of this Act.
26 USC 2522.
26 USC 170 note.
SEC. 1235. RETURNS OF, AND APPLICATIONS FOR RECOGNITION BY, SPONSORING ORGANIZATIONS.
(a) MATTERS INCLUDED ON RETURNS.— (1) IN GENERAL.—Section 6033, as amended by this Act, is amended by redesignating subsection (k) as subsection (l) and by inserting after subsection (j) the following new subsection: ‘‘(k) ADDITIONAL PROVISIONS RELATING TO SPONSORING ORGANIZATIONS.—Every organization described in section 4966(d)(1) shall, on the return required under subsection (a) for the taxable year— ‘‘(1) list the total number of donor advised funds (as defined in section 4966(d)(2)) it owns at the end of such taxable year, ‘‘(2) indicate the aggregate value of assets held in such funds at the end of such taxable year, and ‘‘(3) indicate the aggregate contributions to and grants made from such funds during such taxable year.’’. (2) EFFECTIVE DATE.—The amendments made by this subsection shall apply to returns filed for taxable years ending after the date of the enactment of this Act. (b) MATTERS INCLUDED ON EXEMPT STATUS APPLICATION.— (1) IN GENERAL.—Section 508 is amended by adding at the end the following new subsection: ‘‘(f) ADDITIONAL PROVISIONS RELATING TO SPONSORING ORGANIZATIONS.—A sponsoring organization (as defined in section 4966(d)(1)) shall give notice to the Secretary (in such manner as the Secretary may provide) whether such organization maintains or intends to maintain donor advised funds (as defined in section
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26 USC 6033 note.
Notification.
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