A bill to amend the Internal Revenue Code of 1954 with respect to the special valuation of farm property for purposes of the estate tax.

Amends the Internal Revenue Code with respect to the method of valuing farms for estate tax purposes to provide that if there is no comparable land from which the average annual gross rental may be determined but there is comparable land from which the average net share rental may be determined, then the existing valuation formula shall be applied by substituting "average net share rental" for "average gross cash rental.

Defines net share rental as the excess of: (1) the value of the produce received by the lessor of the land on which such produce is grown, over (2) the cash operating expenses of growing such produce which, under the lease, are paid by the lessor.