Estate and Gift Tax Amendments Act

[AI summary unavailable — showing source text] Estate and Gift Tax Amendments Act - Amends the Internal Revenue Code to increase the minimum value for carryover basis property from $60,000 to $175,000. Specifies formulae for determining adjustments to basis for December 31, 1976, fair market value for marketable bonds and securities and other property, and minimum basis for non-business tangible personal property and personal residence. Decreases from $100 to $50 per failure the penalty an executor must pay for failing to furnish beneficiaries specified information with respect to carryover basis property. Amends the formula for computing the income tax deduction for estate taxes paid on income in respect of a decedent. Specifies a new formula for the increase in the basis of gifts because of the Federal gift tax paid attributable to appreciation, and allows an increase in basis for the amount of a State gift tax by the amount of such tax attributable to appreciation in value of the gift. Deems an agricultural or horticultural commodity sold or exchanged by an estate property used in a trade or business, if such sale or exchange occurs during the year following the decedent's death, even though the estate did not engage in farm…