A bill to amend the Internal Revenue Code of 1954 to waive in certain cases the residency requirements for deductions or exclusions of individuals living abroad, to allow the tax-free rollover of certain distributions from money purchase pension plans, and for other purposes.

Amends the Internal Revenue Code to permit the waiver of residency requirements for individuals residing in a foreign country who claim income tax deductions for living expenses incurred in such country, if such individuals are prevented from conducting normal business in such country due to war, civil unrest, or similar adverse conditions, and such individuals prove to the satisfaction of the Secretary of the Treasury that they would have met such residency requirements under normal conditions.

Permits a taxpayer to roll over complete distributions from a money purchase pension plan or report income from such distribution according to the ten-year income averaging rules, even if there is no similar distribution from another pension plan of the same employer in which the taxpayer is a participant.

Extends to nonitemizing taxpayers the income tax deduction for repayment of supplemental unemployment compensation benefits if the repayment is required because of the receipt of trade readjustment allowances under the Trade Act of 1974.

Revises the tax rules pertaining to the deductibility of expenses for attending a foreign convention. Permits an income tax deduction for such expenses if it is as reasonable to hold a business convention outside the North American area (such area includes the United States, its possessions, the Trust Territory of the Pacific, Canada, and Mexico) as it is to hold such convention within it. Repeals provisions allowing unrestricted deductions for expenses for two foreign conventions per year. Repeals the subsistence expenses limitations, the coach fare limitations, and the special reporting requirements for foreign convention expenses.

Permits an exemption from the prohibition against self-dealing transactions between a private foundation and certain individuals having an interest in such foundation (disqualified persons) in certain circumstances involving the leasing of property to such foundation by the disqualified persons.

Provides that, with respect to any sale of real property during 1976, indebtedness incurred before January 1, 1965, by a tax-exempt organization to finance the construction of a building on such property shall not be treated as acquisition indebtedness for purposes of the tax on the unrelated business income of such organization if the property was acquired by such organization before January 1, 1952, and is contiguous to another parcel of real property which was acquired by such organization before January 1, 1952, and was used by such organization in accordance with the purpose for which the organization received its tax exemption.