United States · Bill · S
S. 112 (96th)
A Bill to repeal the carryover basis provisions added by the Tax Reform Act of 1976.
Introduced
23 January 1979
Last action
—
Status
Referred to Senate Committee on Finance.
Sponsors
—
Subjects
Discovery layer
Source updated
14 June 2021
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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Votes
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Versions
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Documents
1 official file
Introduced in Senate
summary · EN · 23 January 1979
Sponsors
No sponsors or actors listed by the source.
Related records
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Sources
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- Official source: https://www.congress.gov/bill/96th-congress/senate-bill/112
- Open data entity: https://api.congress.gov/v3/bill/96/s/112