To amend the Internal Revenue Code of 1986 to provide for the nonrecognition of gain on long-term real property which is involuntarily converted as the result of the exercise of eminent domain, without regard to whether the replacement property is similar or of like kind.

Amends the Internal Revenue Code to provide for the nonrecognition of gain on property held for at least ten years which is compulsorily or involuntarily converted as the result of the exercise of eminent domain, without regard to whether the replacement property is similar or of like kind.