Capital Gains Tax Fairness Act of 1991

Summary

Capital Gains Tax Fairness Act of 1991 - Title I: Reduction in Capital Gains Tax for Individuals - Amends the Internal Revenue Code to provide a reduction in the capital gains tax for individuals. Allows as a capital gains deduction an amount equal to the sum of: (1) the annual capital gains deduction, plus the lifetime capital gains deduction for nontradable property. Declares the annual capital gains deduction to be the lesser of the net capital gain or $1,000. Declares the lifetime capital gains deduction for nontradable property to be 50 percent of the qualified gain. Makes taxpayers whose incomes exceed $150,000 ineligible for such deduction. Bases the qualified gain on sales and exchanges on or after April 11, 1991. Title II: Depreciation Recapture - Revises provisions concerning the gain from dispositions of certain depreciable realty to provide for the recapture of the total amount of depreciation.

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2 official files

• Introduced in House (text)

  Introduced in House · EN

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• Introduced in House

  summary · EN · 11 April 1991

  Open at official source

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