A bill to amend the Internal Revenue Code of 1954 to provide that nonresident alien individuals and foreign Corporations shall be taxed at capital gain rates on gain from the sale or exchange of real property located in the United States.

Amends the Internal Revenue Code to subject nonresident aliens and foreign corporations to a tax on the gain from the sale or exchange of real property situated in the United States.

Requires foreign corporations which hold U.S. lands comprising 20 percent of their assets to make reports on such holdings as the Secretary of the Treasury may require.