Investment Savings Act

Investment Savings Act - Amends the Internal Revenue Code to provide for the nonrecognition of gain from the sale of corporate property that is replaced by any capital asset within the two-year period beginning on the date of the sale. Sets forth a special rule where an exchange of property is treated as a sale. Provides for reducing the basis of replacement property where its purchase results in the nonrecognition of gain. Establishes a three-year statute of limitations if property is sold at a gain.

Provides for determining the holding period and the basis adjustment of qualified replacement property the acquisition of which resulted in the nonrecognition of gain on the sale or exchange of other property.