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

Summary

Amends the Internal Revenue Code to repeal the carryover basis provisions enacted by the Tax Reform Act 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.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 9 February 1977

   Introduced

   Referred to House Committee on Ways and Means.

   Source: IntroReferral

2. 9 February 1977

   Introduced

   Introduced in House

   Source: IntroReferral

3. 9 February 1977

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• Introduced in House

  summary · EN · 9 February 1977

  Open at official source

Sponsors

• Rep. Smith, Virginia [R-NE-3] · R · Sponsor
• Rep. Moorhead, Carlos J. [R-CA-22] · R · Cosponsor
• Rep. Brown, Clarence, Jr. [R-OH-7] · R · Cosponsor
• Rep. Hagedorn, Thomas M. [R-MN-2] · R · Cosponsor
• Rep. Kemp, Jack [R-NY-38] · R · Cosponsor
• Rep. Sebelius, Keith G. [R-KS-1] · R · Cosponsor
• Rep. Derwinski, Edward J. [R-IL-4] · R · Cosponsor
• Rep. Burgener, Clair W. [R-CA-43] · R · Cosponsor
• Rep. Kindness, Thomas N. [R-OH-8] · R · Cosponsor
• Rep. Frenzel, Bill [R-MN-3] · R · Cosponsor
• Rep. Quie, Albert H. [R-MN-1] · R · Cosponsor
• Sen. Trible, Paul S., Jr. [R-VA] · R · Cosponsor
• Rep. Butler, M. Caldwell [R-VA-6] · R · Cosponsor
• Rep. Treen, David C. [R-LA-3] · R · Cosponsor
• · hswm00 · Standing

Related records

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