A bill to amend the Internal Revenue Code of 1954 to provide a special estate tax valuation rule for certain artistic, literary, and musical property created by the decedent.

Amends the Internal Revenue Code to permit the executor of an estate, in calculating the value of the gross estate, to elect to disregard that portion of the value of any copyright, or literary, musical, or artistic work created by a decedent which would have been ordinary income if such work had been sold by the decedent at its fair market value.