A bill to amend the Internal Revenue Code of 1986 to provide that a decedent's spouse may enter into a cash lease of farm and other real property with family members and still qualify for the special estate tax valuation of the property.

Amends the Internal Revenue Code with respect to the valuation of farm land for estate tax purposes. Permits a decedent's spouse who acquires farm and other real property as a result of the decedent's death to enter into a cash lease of such property with a family member and still have the property valued under use value principles rather than according to its highest and best use.

Applies retroactively to leases for periods after December 31, 1976, of qualified real property of decedents dying after the same date.