A bill to amend Section 1014 of the Internal Revenue Code.

Amends the Internal Revenue Code, with respect to the estate tax, to provide that the basis of an interest in farming or small business property in the hands of a person acquiring such interest from the decedent shall be the fair market value of the property. Requires an increase in the basis of property acquired in a generation-skipping transfer before the transferor's death by an amount equal to the generation-skipping tax imposed.