A bill to amend the Internal Revenue Code of 1954 to provide that a spouse's services shall be taken into account in determining the consideration furnished to acquire jointly owned property for purposes of the Federal estate tax, to increase the exemption of estate tax purposes, and to allow an estate tax deduction with respect to certain family farms and small business interests held by a decedent.

Summary

Increases the estate tax exemption under the Internal Revenue Code from $60,000 to $120,000. Increases the exemption for the estates of nonresidents not citizens from $30,000 to $60,000. Allows a deduction in determining the value of the taxable estate for purposes of the estate tax in the case of a family farm or a small business continually owned by the decedent for five years which passes to a related individual or individuals, in an amount equal to the lesser of (1) $130,000 adjusted for inflation or (2) the value of the decedent's interest in such family farm or small business. Disqualifies the individual to whom the estate passes from the tax benefit authorized by this Act if such individual fails to retain the interest passed in the family farm or small business for at least five years after the decedent's death. States that a spouse's services shall be taken into account in determining the consideration furnished to purchase jointly owned property for purposes of the Federal estate tax.

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• Introduced in Senate

  summary · EN · 27 January 1976

  Open at official source

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