Revises the exclusion from gross income (safe harbor) for certain contributions to the capital of a corporation to extend such exclusion to money or other property received by a retailer under specified conditions concerning length of business operation at a particular location and land and structure ownership at such location.
Declares that a taxpayer shall be treated as owning the land if the taxpayer is the lessee of such land under a lease having a term of at least 30 years, and on which only nominal rent is required.
Disallows any deduction or credit for, or by reason of, any amount received by the taxpayer which constitutes a contribution to capital.