Small Business and Family Farm Estate and Gift Tax Relief Amendments

[AI summary unavailable — showing source text] Small Business and Family Farm Estate and Gift Tax Relief Amendments - Amends the Internal Revenue Code to provide a credit of $25,000 against the estate tax. Requires such credit to be reduced by the amount of the gift tax credit used by the decedent during his lifetime. Allows the executor of a qualified estate to elect a credit of $40,000 against the estate tax. Defines a "qualified estate" as one in which 35 percent or more of the value of the gross estate, or 50 percent of the taxable estate of the decedent, is attributable to property held by a closely held business which has been actively managed by the decedent or his immediate family for at least five years prior to the death of the decedent. Provides that if the immediate family of the decedent does not own and actively manage such qualifying small business for at least five years after the death of the decedent, the benefit of such additional credit shall be recaptured. Provides that the $40,000 credit shall be reduced by an amount equal to five percent of the amount by which the adjusted gross estate exceeds $300,000. Provides that either credit shall be reduced by an amount equal to 0.83 percent of the amount by which …