A tool for beveling the end of a pipe is comprised of a hollow, tubular body having a central, longitudinal axis of rotation, an inboard coupling end, and an opposite outboard working end. A plurality of longitudinally spaced, transversely directed latching pin bores of equal size are defined through the wall of the tubular body. A core member is disposed coaxially within the tubular body. The core member includes a beveling cutter head and a longitudinal stem having a radially inwardly directed, circumferential latch position groove. A transversely oriented latching pin is engaged in a selected one of the latching pin bores in the body and with the latch position groove of the core stem. This allows alternative selection of each of the latch position bores for insertion of the latching pin. The particular bore selected determines the longitudinal position of the core stem latch position groove within the body that will be aligned with the latching pin. This, in turn, determines the extent of protrusion of the core member cutter head from the outboard end of the tubular body, and thus the depth of the beveling cut in the pipe.