A bill to provide for simplified cost recovery in corporation income taxes, for the refundability of the investment tax credit up to $100,000, for nonrecognition of gain on certain sales and exchanges of interests in small business concerns, for incentives for research and experimentation in certain businesses and by institutions of higher education, and for election by married individuals to be taxed as unmarried individuals.

[AI summary unavailable — showing source text] Title I: Corporate Income Taxes, Simplified Cost Recovery Provisions - Amends the Internal Revenue Code to allow individual and corporate taxpayers an income tax deduction for a percentage of the cost of depreciable tangible property (recovery property) used in a trade or business or held for the production of income, which is placed in service after December 31, 1980. Establishes four classes and recovery periods for such property: (1) Class 1, two years; (2) Class 2, four years; (3) Class 3, seven years; and (4) Class 4, ten years. Requires assignment of property to the class which has a recovery period at least 40 percent shorter than its present midpoint useful life under the Asset Depreciation Range (ADR) system. Permits the taxpayer to elect placement of any item of property in the class with the next longer recovery period than the class to which it would otherwise belong. Defines the recovery percentage as the percentage (100 percent, 150 percent, or 200 percent) selected by the taxpayer for a class of items, divided by the number of years in the corresponding recovery period. Requires a taxpayer to establish a recovery account for each class of recovery property. Sets fort…