Carryover Basis Simplification Act of 1979

[AI summary unavailable — showing source text] Carryover Basis Simplification Act of 1979 - Amends the Internal Revenue Code to revise the estate tax rules for determining the basis of carryover basis property in the hands of an individual acquiring such property from a decedent. Defines "carryover basis property" as any property which is acquired from or passed from a decedent who died after December 31, 1979, and which is not specifically excluded from the category of carryover basis property under the provisions of this Act. Provides that the basis of carryover basis property acquired from a decedent shall be its adjusted basis for purposes of determining gain immediately before the death of the decedent (initial basis), increased by the sum of the minimum basis adjustment and the death tax adjustment for such property (as defined by this Act). Requires the allocation of such adjustments among the carryover basis properties for purposes of the estate tax. Exempts from classification as carryover basis property: (1) assets of an estate which have a fair market value of $175,000 or less (the estate tax exemption amount); (2) property which was acquired from a decedent and sold before the decedent's death; (3) income in respect…