A bill to broaden the income tax base, revise the minimum tax and to otherwise reform the income, estate, and gift tax provisions.

[AI summary unavailable — showing source text] Title I: Capital Gains and Losses - Provides under the Internal Revenue Code that the adjusted basis of carryover property acquired from a decedent dying after June 30, 1975 shall be the adjusted basis of the property immediately before the death of the decedent. Stipulates that the increases in the basis of any such property shall not exceed the fair market value. Declares such basis to be fair market value where basis cannot be determined. Directs every executor to furnish with respect to a decedent's property: (1) the decedent's name and address; (2) the name and address of each person acquiring property from the decedent; (3) the adjusted basis of each item of property; and (4) any other related information. Imposes a fine of 1 percent of the fair market value of the property or $5,000 whichever is less, on any executor who fails to report such information. Stipulates that where the owner of a patent enters into an agreement for the assignment of his right, and payment is based on a fixed percentage of the selling price of the article so manufactured and sold, then such payments shall constitute royalties from such patent. Title II: Reform measures Affecting Primarily Individua…