A bill to amend the Internal Revenue Code of 1954 to provide, for purposes of the estate tax, an alternative method of valuing certain property which is farmland, woodland or open spaces or which has historic value in order to encourage the preservation of such property, and to provide a deduction from the gross estate for a certain portion of the farming interests held by the decedent.

[AI summary unavailable — showing source text] Provides, under the Internal Revenue Code for purposes of the estate tax, an alternative method of valuing, according to use, property which is farmland, woodland, or open spaces or which has historic value in order to encourage the preservation of such property. Provides a deduction from the gross estate for a certain portion of the farming interests held by the decedent.…