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. 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. Expands the material participation criteria for the special use valuation of certain farm and other real property to provide for the satisfaction of the requirement where the decedent or his spouse has so participated for any 20 years before the decedent's death. Revises the material participation requirement for heirs to allow satisfaction of the requirement by an heir's agents or fiduciaries under specified con…