Competition Enhancement and Tax Relief Act of 1987

[AI summary unavailable — showing source text] Competition Enhancement and Tax Relief Act of 1987- Amends the Internal Revenue Code to allow a five percent investment tax credit after 1987 for tangible property which: (1) is used as a part of manufacturing, production, or extraction or of furnishing transportation, communications, electrical energy, gas water, or sewage disposal services; (2) constitutes a research facility used in connection with such activities; or (3) constitutes a facility used in connection with such activities for the bulk storage of fungible commodities. Exempts from estate taxes the transfer of an interest in a closely held business to a qualified heir of the decendent. Exempts from gift taxes the transfer of an interest in a closely held business to a member of the donor's family. Allows the nonrecognition of gain realized from the sale or exchange of the entire interest in an unincorporated trade or business to the extent such gain is used within a 24-month period to purchase property used in an unincorporated trade or business which is entirely owned by the taxpayer. Increases from $10,000 to $25,000 the annual limitation on the expensing of certain depreciable business assets. Requires the public av…