Carryover Basis Act of 1991

Summary

Carryover Basis Act of 1991 - Amends the Internal Revenue Code (relating to the gain or loss on disposition of property) to provide for determining the carryover basis for property acquired from a decedent dying after December 31, 1991, and valued at $600,000 or more. Describes carryover basis property as that which is acquired from or passed from a decedent who died after December 31, 1991, and which is not excluded under this Act. Permits the limited recognition of gain when the executor of an estate uses certain appreciated carryover basis property to satisfy the right of a person to receive a pecuniary bequest. Establishes a procedure for the binding determination of the initial basis of carryover basis property. Requires estate executors to: (1) file information returns in connection with carryover basis property; and (2) provide written notice to recipients of such property. Prescribes penalties for failure to report.

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Timeline

1. 3 October 1991

   Introduced

   Introduced in House

   Source: IntroReferral

2. 3 October 1991

   Introduced

   Referred to the House Committee on Ways and Means.

   Source: IntroReferral

3. 3 October 1991

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

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Versions

• Introduced in House · — · Download file

Documents

2 official files

• Introduced in House (text)

  Introduced in House · EN

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 3 October 1991

  Open at official source

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Sponsors

• Rep. Levin, Sander M. [D-MI-12] · D · Sponsor
• Rep. Pease, Donald J. [D-OH-13] · D · Sponsor
• · hswm00 · Standing

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