A bill to broaden the income tax base, revise the minimum tax and to otherwise reform the income, estate, and gift tax provisions.

Title I: Capital Gains and Losses - Provides under the Internal Revenue Code that the adjusted basis of carryover property acquired from a decedent dying after June 30, 1975 shall be the adjusted basis of the property immediately before the death of the decedent. Stipulates that the increases in the basis of any such property shall not exceed the fair market value. Declares such basis to be fair market value where basis cannot be determined.

Directs every executor to furnish with respect to a decedent's property: (1) the decedent's name and address; (2) the name and address of each person acquiring property from the decedent; (3) the adjusted basis of each item of property; and (4) any other related information.

Imposes a fine of 1 percent of the fair market value of the property or $5,000 whichever is less, on any executor who fails to report such information.

Stipulates that where the owner of a patent enters into an agreement for the assignment of his right, and payment is based on a fixed percentage of the selling price of the article so manufactured and sold, then such payments shall constitute royalties from such patent.

Title II: Reform measures Affecting Primarily Individuals - Includes in gross income specified amounts paid by a corporation on behalf of a corporate shareholder employee for employee trust, stock bonus plan, and annuity.

Repeals the $100 dividend exclusion from gross income for dividends received by individuals from domestic corporations.

Provides in the case of a taxpayer not a corporation that the amount of investment interest allowable as a deduction is limited to $5,000 plus specified investment income.

Prohibits any income tax deduction to an individual for the expenses of attending a convention held outside the United States, unless the taxpayer can show the location of the convention to be directly related to the conduct of his trade or business.

Prohibits a deduction with respect to the use of a dwelling unit which is used by the taxpayer during the taxable year as a residence. Allows such deduction with respect to any deduction permitted without regard to its connection with an individuals trade or business.

Limits deductions with respect to a taxpayer engaged in the business of farming to: (1) the gross income of the business for the taxable year; (2) the higher of $10,000 or the amount of special deductions allowed by this Act; or (3) the amount of special deductions for any taxpayer other than an individual.

Provides in the case of a distribution by the common parent corporation of a controlled group of corporations, that the earnings and profits of the common parent corporation for the taxable year shall not be less than its share of the earnings and profits of the controlled group.

Terminates the stock option provisions of the Internal Revenue Code.

Imputes the income of a trust to the grantor if the reversionary interest will not take effect for 10 years and the income from the trust is accumulated for a child or grandchild of the grantor, and such child is under the age of 21 years or such child is a student for whom the grantor is entitled to an exemption.

Declares that if a registration statement is filed after July 1, 1975, with the Securities and Exchange Commission for the offering of units of participation by a partnership, such partnership shall be considered as a corporation and not as a partnership for all taxable years ending after the date of filing the registration statement.

Title III: Reform Measures Affecting Primarily Corporations - Repeals the Asset Depreciation Range Systems. Limits the depreciation deduction for a taxable year in the case of a corporation to the amount of depreciation taken into account for the purpose of a report to stockholders. Limits the deduction for reports for any taxable year to the amount recorded for the purpose of a report to shareholders.

Repeals nonrecognition of gain in the case of the sale of the entire stock of inventory of a business sold to one person.

Title IV: Reforms Affecting Individuals and Corporations - Requires to be included in gross income the amount equal to the difference between the compensation payable by the shareholder for the use of corporate property, and the amount obtainable for such use in an arms length transaction.

Disallows a deduction with respect to rental property to the extent it would reduce the adjusted basis of the property at the end of the year below an amount equal to any mortgage indebtedness on the property minus the adjusted basis of the land allocable to such property.

Provides with specified exceptions that any amount which is attributable to the planting, cultivation, or maintenance of any fruit or nut grove or any vineyard, and which is incurred prior to production shall be charged to capital account.

Allows prepaid interest, in the case of a taxpayer whose income is computed under the cash receipts and disbursements method of accounting, to be deducted for the taxable year in which paid to the extent it does not exceed the net income in respect of such property.

Repeals the tax exemption for ships under a foreign flag.

Title V: Estate and Gift Tax Amendments - Imposes a tax on the transfer of the taxable estate of every decedent who was a citizen or resident of the United States at the time of his death.

Declares the value of the gross estate to include any policy on the life of the decedent with respect to which the decedent did not possess at his death any of the incidents of ownerships.

Title VI: Withholding of Income Tax on Dividends and Interest - Directs everyone who pays interest to deduct and withhold on such interest a tax equal to 10 percent of the amount.

Directs everyone who pays a dividend to deduct and withhold on such dividend a tax equal to 10 percent of the amount.

Declares that every person required to deduct and withhold any tax shall make a return of the tax required to be deducted and pay the tax to a proper officer. Makes the withholding agent liable for the payment of such taxes.

Authorizes the Secretary to provide for exemptions from the requirement of deducting and withholding tax on interest and dividends.

Allows as a credit to the recipient of such dividends and interest the amount required to be withheld under this Act.

Title VII: Minimum Tax - Imposes on items of tax preference in addition to the income tax, a tax equal to one-half the highest rate of tax paid by the taxpayer. Removes the $30,000 exemption for the minimum tax.