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, to allow an estate tax deduction with respect to the value of certain farm or business interests held by the decedent, and to provide an alternate method of valuing certain real property for estate tax purposes.

Increases the Federal estate tax exemption and the Federal estate tax marital deduction.

Allows a deduction from the value of the gross estate for a decedent's interests in any qualified farm or business.

Permits the executor of an estate to elect an alternate valuation of lands used for farming, woodland, or open space for the five years preceding the date of the decendent's death.