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United States · Bill · HR

H.R. 3147 (96th)

A bill to repeal the carryover basis provisions added by the Tax Reform Act of 1976.

referredUnited States· United States Congress· EN

Introduced

21 March 1979

Last action

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Status

Referred to House Committee on Ways and Means.

Sponsors

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Subjects

Discovery layer

Source updated

7 February 2024

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Summary

Amends the Internal Revenue Code to repeal the carryover basis provisions enacted by the Tax Reform Act of 1976 which provide that beneficiaries receiving property from a decedent's estate will retain the decedent's basis in the property. Restores prior law which "stepped up" or "stepped down" the property's basis to its market value at the time of death without imposing tax consequences on the appreciation or depreciation the property underwent while held by the decedent.

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Documents

1 official file

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