A bill to amend the Internal Revenue Code of 1954 to subject investors to the capital gains tax on gain from the sale of real property situated in the United States.

Amends the Internal Revenue Code to subject nonresident aliens and foreign corporations to a tax on the gain from the sale or exchange of farm or rural lands situated in the United States.

Requires foreign corporations which hold United States farm lands comprising 20 percent of their assets to make reports on such holdings as the Secretary of the Treasury may require.