A bill to amend the Internal Revenue Code of 1954 with respect to the tax treatment of capital gains and losses.

[AI summary unavailable — showing source text] Redefines, for purposes of the Internal Revenue Code, the terms "long-term capital gain" and "long-term capital loss" to apply to capital assets held for more than 90 days (formerly 6 months). Sets forth the calculatable amount of carryover allowed by a taxpayer (other than a corporation) on a new capital loss and details the rules governing carrybacks for such taxpayers.…