Truth in Solicitation and Receipt of Charitable Contributions Act of 1987

Truth in Solicitation and Receipt of Charitable Contributions Act of 1987 - Amends the Internal Revenue Code to impose a penalty tax on one half of the gross revenue of a public-soliciting charity to the extent that such revenue remains undistributed for charitable expenditures at the end of the first succeeding taxable year. Defers taxation of an organization until the fourth year of its existence, thus exempting from the tax any organization that exists for three years or less. Sets the rate of such tax at 15 percent of the amount of such undistributed revenue. Provides that any remaining funds still undistributed after a 90-day correction period shall be taxed at a rate of 100 percent.

Establishes a criminal penalty of not more than $5,000, imprisonment for not more than one year, or both, for willful acts of an officer or employee of a charitable organization that result in the liability of such organization for taxation because of its failure to distribute revenue.

Requires anyone who solicits a charitable contribution by mail to include with such a solicitation: (1) the name and principal business address of the person making the solicitation; (2) the purpose of the solicitation and the intended use of the contribution solicited; (3) the estimated portion of all contributions to be used for the charitable purpose during the 12-month period following the solicitation; and (4) the portion of all contributions used for such charitable purpose during the four complete calendar quarters immediately preceding the solicitation. Sets forth requirements relating to the presentation of such information.