A bill to amend a provision of the Internal Revenue Code dealing with involuntary conversions of broadcast property.

Amends the Internal Revenue Code, with respect to gains from a sale or exchange to effectuate policies of the Federal Communications Commission (FCC), to treat as an involuntary conversion, on which gain shall not be recognized, the purchase of a television broadcasting station or a newspaper with proceeds from the sale of a radio or television broadcast station which has been forced by the FCC.