A bill to amend the Internal Revenue Code of 1954 with respect to the tax treatment of capital gains and losses.

Redefines, for purposes of the Internal Revenue Code, the terms "long-term capital gain" and "long-term capital loss" to apply to capital assets held for more than 90 days (formerly 6 months). Sets forth the calculatable amount of carryover allowed by a taxpayer (other than a corporation) on a new capital loss and details the rules governing carrybacks for such taxpayers.