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 real property in the locality of a farm from which a cash rental may be determined but there is comparable real property from which net in-kind rentals (crop share rentals) may be determined, then the existing valuation formula shall be applied by substituting "net in-kind rental" for "average annual gross cash rental."

Defines net in-kind rental as the excess of: (1) the value of the commodity received by the lessor of the land on which such commodity is produced, over (2) the cash operating expenses of growing such a commodity which, under the lease, are paid by the lessor.