S.3446: A bill to amend the Internal Revenue Code of 1986 to defer the tax on the gain on the sale of certain telecommunications and media businesses, and for other purposes.

Amends the Internal Revenue Code to allow the owner of a telecommunications business to defer for three years the tax on the gain, up to $350 million, from a sale of such business to a business owned by a member or members of a socially or economically disadvantaged group (e.g., Black Americans, Hispanic Americans, Native Americans, or Asian Pacific Americans) or to reduce the basis of property held by such seller by the amount of gain...

(Source: Library of Congress)