To amend the Internal Revenue Code of 1986 to provide for a carryover basis of property at death, indexing the basis of certain property, and for othe purposes.

Title I: Carryover Basis at Death: Amends the Internal Revenue Code (relating to the gain or loss on disposition of property) to provide for determining the carryover basis for property acquired from a decedent dying after December 31, 1990, and valued at $600,000 or more. Describes carryover basis property as that which is acquired from or passed from a decedent who died after December 31, 1990, and which is not excluded under this Act.

Permits the limited recognition of gain when the executor of an estate uses certain appreciated carryover basis property to satisfy the right of a person to receive a pecuniary bequest.

Establishes a procedure for the binding determination of the initial basis of carryover basis property.

Requires estate executors to: (1) file information returns in connection with carryover basis property; and (2) provide written notice to recipients of such property. Prescribes penalties for failure to report.

Title II: Indexing of Certain Assets Acquired After June 30, 1990 for Purposes of Determining Gain - Provides for determining gain on the sale or other disposition by an individual of an indexed asset which has been held for more than one year. Describes an indexed asset as any stock in a corporation and any tangible property (or any interest therein) which is a capital asset or property used in a trade or business and the holding period of which begins after June 30, 1990.

Provides that the gain from the sale or other disposition of an indexed asset shall not be taken into account for purposes of determining investment income.

Repeals the maximum capital gains rate.

Allows a taxpayer other than a corporation, if the taxpayer holds any readily tradable security on July 1, 1990, and the closing market price of such security on such date exceeds its adjusted basis, to elect to treat such security as having been sold on such date for an amount equal to its closing market price (and as having been re-acquired on such date for an amount equal to such closing market price).