A bill to amend the Internal Revenue Code of 1954 to provide that the election to use the alternate valuation date for purposes of the estate tax may not be made under certain circumstances and to permit an election to be made on a return that is filed late.

Amends the Internal Revenue Code to provide that for purposes of the alternate valuation of property for estate tax purposes, the election of the alternate valuation date may not be made: (1) where no estate tax is due; and (2) where the value of the gross estate as of the alternate valuation date is greater than the value at the date of death.

Permits the election of the alternate valuation date to be made with the first estate tax return, even if the return is filed late. Limits the filing of such return to one year after its prescribed filing date.