Amends existing law to revise provisions regarding certain qualified property held by an estate, trust, S corporation, partnership, limited liability company or an individual, to establish provisions regarding fair market valuation, to establish provisions regarding adjusted basis allocation and to establish provisions regarding certain part-year resident and nonresident owners of multistate entities.

TAXATION -- Amends existing law to revise provisions regarding certain qualified property held by an estate, trust, S corporation, partnership, limited liability company or an individual, to establish provisions regarding fair market valuation, to establish provisions regarding adjusted basis allocation and to establish provisions regarding certain part-year resident and nonresident owners of multistate entities.