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

Amends the Internal Revenue Code to permit the reinvestment of proceeds from the sale or exchange of a radio or television broadcasting station required to effectuate policies of the Federal Communications Commission (FCC) in a newspaper without the loss of preferential tax treatment (i.e. nonrecognition of the gain from such sale or exchange as an involuntary conversion).