A bill to repeal the carryover basis provisions of the Tax Reform Act of 1976.

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.

Permits the executor of a decedent dying between December 31, 1976 and November 7, 1978 to elect irrevocably application of the carryover basis provisions repealed by this Act.