A bill to provide that the income tax basis of property owned by a decedent shall be the same in the hands of his executor and heirs as it was in the hands of the decedent immediately before his death.

Amends the Internal Revenue Code to provide that for purposes of the Federal income tax the basis of property acquired from a decedent shall be the adjusted basis of the property immediately before the death of the decedent, with such further adjustments as provided for in this Act.

Provides that the basis of such property shall be increased by its proportionate share of the Federal and State estate taxes attributable to the net appreciation in value of all the property. Stipulates that such increase shall not exceed the increase necessary to produce a basis equal to the fair market value of such property.