Progressive Capital Gains Reform Act of 1992

[AI summary unavailable — showing source text] Progressive Capital Gains Reform Act of 1992 - Amends the Internal Revenue Code to replace the current alternative tax for corporations with an allowance of a variable capital gains deduction from gross income of 10 to 70 percent for a taxpayer based upon capital assets held from one to seven years. Limits such deduction to 40 percent for a higher income taxpayer other than a corporation. Provides an inflation adjustment for such deduction after 1992. Provides for determining the carryover basis for property acquired from a decedent dying after December 31, 1991, and valued at over $600,000. Describes carryover basis property as that which is acquired from or passed from a decedent who died after December 31, 1991, and which is not excluded under this Act. Permits the limited recognition of gain when the executor of an estate uses certain appreciated carryover basis property to satisfy the right of a person to receive a pecuniary bequest. Establishes a procedure for the binding determination of the initial basis of carryover basis property. Requires estate executors to: (1) file information returns in connection with carryover basis property; and (2) provide written notice to recip…