A bill to amend the Internal Revenue Code of 1954 with respect to the treatment of an involuntary conservation of real property to which the special farm valuation provisions of the Federal estate tax apply.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to limit, at the taxpayer's election, the recapture of estate taxes not paid on specially valuated farm real property in cases of involuntary conversions to so much of the amount realized on the conversion as is not reinvested in replacement property. Provides for an upward adjustment to the carried-over basis of such property to the extent that additional estate taxes are assessed.…