Tax Justice Act

[AI summary unavailable — showing source text] Tax Justice Act - Title I: Capital Gains and Losses - Repeals, under the Internal Revenue Code, the alternative tax for individuals and corporations. Provides for a gradual phase-out of the capital gains deduction. States that such deduction shall not apply after December 31, 1979. Establishes a new system for treatment of capital losses, carrybacks, and carryovers. Provides that unrealized gains on capital assets held at death or transferred by gift shall be treated as long term capital gains, to the extent such amount exceeds $25,000, reduced by permitted amounts. Permits the taxpayer to elect, with respect to any capital asset, to treat the excess of the fair market value over the adjusted basis of such asset as a long term capital gain. Title II: Reforms Relating to Business Taxes - Terminates the investment credit for property constructed or acquired after 1976. Repeals the asset depreciation range system. Repeals the provision permitting the amortization of expenditures to rehabilitate low-income rental housing. Sets forth limitations on farming deductions, including horse racing. Repeals the percentage depletion allowance, the option to deduct intangible drilling costs, and …