A bill to amend the Internal Revenue Code of 1954 to increase the exemption for purposes of the Federal estate tax, to increase the estate tax marital deduction and to provide an alternate method of valuing certain real property for estate tax purposes.

Increases the exemption for the Federal estate tax from $60,000 to $200,000.

Limits the aggregate deduction for value of property passed to a surviving spouse to $100,000, plus 50 percent of the value of the adjusted gross estate.

Allows an estate executor to determine the value of any real property in an estate by its use for farmland, woodland, or scenic open space.