A bill to amend the Internal Revenue Code of 1954 to prescribe the income tax treatment of gifts, and bargain sales of property to provide financial assistance in political campaigns.

Provides that, in the case of specified transfers of property to provide financial assistance in a political campaign, there shall be taken into account, in computing taxable income under the Internal Revenue Code, the gain or loss which would have been realized if the transferor had sold the property at its fair market value on the date of the transfer.

Provides that the basis of such property in the hands of the transferee is the fair market value on the date of transfer.