A bill to amend the Internal Revenue Code of 1954 to increase the exemption for purposes of the Federal estate tax, to increase the estate tax marital deduction, to allow an estate tax deduction with respect to the value of certain farm or business interests held by the decedent, and to provide an alternate method of valuing certain real property for estate tax purposes.

Summary

Increases the estate tax exemption allowed under the Internal Revenue Code from $60,000 to $125,000. Increases the limitation on the aggregate marital deduction to $100,000. Provides that, for purposes of the tax imposed with respect to any decedent holding an interest in a qualified farm or business, a deduction is allowed from the value of the taxable estate in the amount of: (1) $75,000; or (2) the value of the decedent's interests in any qualified farm or business, whichever is less. States that a "qualified farm or business" means a trade or business, including farming, in the management or operation of which there has been material participation by the decedent or the decedent's spouse (determined without regard to the activities of any agent) throughout any five calendar years ending during the eight year period which ends an the decedent's death.

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1 official file

• Introduced in House

  summary · EN · 31 July 1975

  Open at official source

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