Summary: H.R.2582 — 96th Congress (1979-1980)All Information (Except Text)

There is one summary for H.R.2582. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (03/01/1979)

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.