A bill to amend the Internal Revenue Code of 1954 to provide a more equitable estate tax treatment of joint interest in farm and closely held business property.

Amends the Internal Revenue Code to allow a surviving spouse to treat as furnished consideration, for estate tax purposes, up to a 50 percent share of any joint farm or small business property which was unpaid for at the time of marriage, determined at the rate of two percent a year if such spouse actually participates in the operation of such farm or small business.