To amend the Internal Revenue Code of 1986 to exclude small transactions and to make certain clarifications relating to broker reporting requirements.

Amends provisions of the Internal Revenue Code relating to returns of brokers to provide that specified tangible personal property (including works of art, rugs, antiques, metals, gems, stamps, coins, alcoholic beverages, and guns) shall not be included in reported brokered property.

Provides that except for stocks, bonds, and other intangible personal property, broker reporting requirements shall apply only to transactions the gross proceeds of which are more than $10,000.