Code · BILL · 113th Congress · H.R. 1 (Introduced in House) — To amend the Internal Revenue Code of 1986 to provide for comprehensive tax reform. · Sec. 8033

Sec. 8033. Requirements for exemption

100 words·~1 min read·/bill/113/hr/1/ih/section-8033

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Section 503(a)(1) is amended to read as follows: An organization described in paragraph

(17)or

(18)of section 501(c) or described in section 401(a) and referred to in section 4975(g)(2) or

(3)shall not be exempt from taxation under section 501(a) if it has engaged in a prohibited transaction. . Paragraph

(2)of section 503(a) is amended by striking described in section 501(c)(17) or

(18)or paragraph (a)(1)(B) and inserting described in paragraph

(1). Subsection

(c)of section 503 is amended by striking described in section 501(c)(17) or

(18)or subsection (a)(1)(B) and inserting described in subsection (a)(1) .