Capital Gains Rollover Account Act of 1981

[AI summary unavailable — showing source text] Capital Gains Rollover Account Act of 1981 - Amends the Internal Revenue Code to exclude from the gross income of an individual amounts contributed to a rollover account meeting the requirements of this Act. Defines such rollover account as a trust created or organized in the United States for the exclusive benefit of an individual or his beneficiaries which: (1) accepts only cash or stock or securities of a domestic corporation contributed by such individual; (2) has as its trustee a bank or a person approved by the Secretary of the Treasury; (3) invests trust funds in stock or securities of a domestic corporation or holds them in interest-bearing bank deposits; (4) makes the interest of the individual nonforfeitable in the balance of such rollover account; and (5) permits the individual to elect, no more often than each taxable year, whether the account shall be discretionary (with investment determined by the trustee) or self-directed (with investment directed by the individual). Requires the trustee of a rollover fund to establish on its books, without segregation of assets, a capital gain fund and a capital fund. Specifies the contents of each fund. Includes in gross income fo…