A bill to amend section 303 of the Internal Revenue Code of 1954 to facilitate certain stock redemptions for the purpose of paying estate taxes.

Provides, under the Internal Revenue Code, that a distribution of property in redemption of stock to pay death taxes shall be treated as a distribution in full payment in exchange for the stock in the case of specified close corporations if all of the stock of such corporation which is included in determining the value of the decedent's gross estate is either (1) more than 20 percent (generally, 35 percent), of the value of the gross estate of such decedent, or (2) more than 40 percent (generally, 50 percent) of the taxable estate of such decedent.