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 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.

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

Timeline

1. 23 January 1979

   Introduced

   Referred to Senate Committee on Finance.

   Source: IntroReferral

2. 23 January 1979

   Introduced

   Introduced in Senate

   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 Senate

  summary · EN · 23 January 1979

  Open at official source

Sponsors

• Sen. Dole, Robert J. [R-KS] · R · Sponsor
• Sen. Tower, John G. [R-TX] · R · Cosponsor
• Sen. Kassebaum, Nancy Landon [R-KS] · R · Cosponsor
• Sen. Jepsen, Roger W. [R-IA] · R · Cosponsor
• Sen. McClure, James A. [R-ID] · R · Cosponsor
• Sen. Lugar, Richard G. [R-IN] · R · Cosponsor
• Sen. Wallop, Malcolm [R-WY] · R · Cosponsor
• Sen. Bellmon, Henry L. [R-OK] · R · Cosponsor
• Sen. Melcher, John [D-MT] · D · Cosponsor
• Sen. Cochran, Thad [R-MS] · R · Cosponsor
• Sen. Young, Milton R. [R-ND] · R · Cosponsor
• Sen. Pressler, Larry [R-SD] · R · Cosponsor
• Sen. Metzenbaum, Howard M. [D-OH] · D · Cosponsor
• Sen. Hatch, Orrin G. [R-UT] · R · Cosponsor
• Sen. Stone, Richard (Dick) [D-FL] · D · Cosponsor
• Sen. Simpson, Alan K. [R-WY] · R · Cosponsor
• · ssfi00 · Standing

Related records

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