Estate and Gift Tax Amendments Act

[AI summary unavailable — showing source text] Estate and Gift Tax Amendments Act - Amends the Internal Revenue Code to provide that the carryover basis at death provisions added by the Tax Reform Act of 1976 shall apply only to property obtained, or substantial improvements to any property made, after 1976. Increases the minimum basis of carryover property, over a five year period, to correlate the minimum basis with the estate tax exemption equivalent. Provides for a single basis adjustment to carryover basis property for death taxes attributable to appreciation by eliminating the adjustment for State succession taxes paid by transferees. Provides that the adjustments to basis for death taxes, and gift taxes which are attributable to appreciation, shall be determined by computing the difference between the appropriate tax computations made with net appreciation included, and then excluded, instead of the proportionate computation previously used thereby providing that the adjustments shall be made at marginal rates. Provides that the basis of property for which marital and charitable estate deductions are taken shall also be adjusted for estate taxes attributable to appreciation. Provides that the minimum basis adjustment sha…