Estate and Gift Tax Amendments Act

Estate and Gift Tax Amendments Act - Increases the minimum value for carryover basis property, over a five-year period, to $175,000 (i.e. the same amount or the estate tax exemption equivilant). Integrates the basis adjustment for State death taxes attributable to appreciation with the adjustment for Federal taxes by providing a single computation.

Applies the "fresh start" carryover basis adjustment for determining losses as well as gains on pre-1777 property. Allows the taxpayer to make this adjustment with the property's actual December 31, 1976 value instead of applying the formula previously applicable to non-securities.

Provides that adjustments to carryover basis for gift taxes shall be at marginal rates. Allows a basis adjustment for State gift taxes.