A bill to amend the Internal Revenue Code of 1954 to exclude certain sales of farms or businesses from treatment as a tax preference for purposes of the minimum tax.

Amends the Internal Revenue Code to exclude from the minimum tax any gain realized from the sale of: (1) substantially all of the assets of a farm or business owned, and used in operation of such business, by a taxpayer other than a corporation, for five consecutive years prior to such sale; or (2) all the stock of a corporation owned directly or indirectly by the taxpayer, if such taxpayer owns, directly or indirectly, at least 50 percent of the total fair market value of all the stock of such corporation, if such sale of assets or stock is pursuant to a binding contract entered into before October 4, 1976.