Temporary Capital Gains Tax Reduction Act of 1989

[AI summary unavailable — showing source text] Temporary Capital Gains Tax Reduction Act of 1989 - Title I: Temporary Reduction in Capital Gains Tax for Noncorporate Taxpayers - Amends the Internal Revenue Code to provide a temporary reduction in the capital gains tax for noncorporate taxpayers from September 14, 1989, until December 31, 1991. Provides for not taking into account net capital gains under the phaseout of the 15-percent rate and personal exemptions. Provides for recapturing the gain from disposition of certain depreciable property. Title II: Indexing of Certain Assets Acquired After 1991 for Purposes of Determining Gain - Provides for indexing assets held for more than one year beginning after December 31, 1991, solely for purposes of determining gain. Title III: Treatment of Certain Timber Activities Under Passive Loss Rules - Provides for the treatment of passive timber activities under the passive loss rules.…