Estate and Gift Tax Amendments of 1979

[AI summary unavailable — showing source text] Estate and Gift Tax Amendments of 1979 - Amends the Internal Revenue Code to provide an unlimited marital deduction for estate and gift tax purposes. Increases from 50 percent to 65 percent the amount of the adjusted value of a gross estate which a qualified farm property must constitute before the special use valuation for farms and other closely held businesses is applicable to such estate. Eliminates the "material participation" requirements for the application of such special use valuation. Repeals the $500,000 limitation on the reduction of the value of qualified real property permitted for application of the special use valuation. Reduces from 15 to ten years the length of time a qualified property must be held following decedent's death before it can be sold or otherwise disposed of without incurring a recapture of estate tax benefits. Exempts from such recapture requirements any exchange of qualified real property, within the ten year period, for other qualified real property. Repeals the requirement that an heir elect special treatment for involuntary conversions of qualified real property, thus making such treatment automatic upon such a conversion. Provides for valuation…