This bill aims to modify the Internal Revenue Code by reclassifying certain investment gains and dividends. Specifically, it mandates that gains from the sale or disposition of "specified country of concern property" and dividends from related foreign corporations be treated as ordinary income, rather than the more favorably taxed capital gains. This change applies to property and securities linked to designated "countries of concern" to disincentivize investments in these nations. The legislation broadly defines "specified country of concern property" to include securities of entities incorporated in, controlled by, or with significant operations in these countries, as well as any other property located or used within them. The designated countries of concern are the People's Republic of China (including Hong Kong and Macao, excluding Taiwan), Russia, Belarus, Iran, and North Korea. Furthermore, the bill eliminates the step-up in basis at death for this specific type of property, ensuring its ordinary income treatment persists. To facilitate implementation, the bill requires the Securities and Exchange Commission (SEC) to establish rules for notifying purchasers that gains on such securities are ordinary income. The SEC must also publish a public list of all affected securities and is authorized to require necessary reporting from companies. These provisions, along with joint rulemaking by the Treasury Department and SEC, are set to take effect for dispositions and dividends occurring on or after January 1, 2026.