Minority Telecommunications Ownership Tax Act of 1987

Minority Telecommunications Ownership Tax Act of 1987 - Amends the Internal Revenue Code to allow an investment tax credit for the purchase of used telecommunications property pursuant to a Federal Communications Commission tax certificate. Defines "FCC tax certificate" as any certificate granted by the Federal Communications Commission which provides that the purchase of the property is necessary or appropriate to effectuate an FCC policy with respect to the ownership and control of systems of communication by wire or radio.

Extends the nonrecognition of gain for FCC-certified sales or exchanges of radio broadcasting stations to systems of communications by wire or radio.