A bill to allow individuals a limited carryback of capital losses sustained upon the sale of securities received in certain taxable exchanges.

Allows a taxpayer other than a corporation who incurs a loss during the taxable year on the sale or exchange of restricted securities, when sustaining a loss, to take at his election a capital loss carryback to the prior exchange year. Outlines limitations on the taking of such loss and special rules applicable thereto.

Defines the term "restricted securities".