Family Business Protection Act of 1980

[AI summary unavailable — showing source text] Family Business Protection Act of 1980 - Amends the Internal Revenue Act, with respect to estate taxes, to reduce the value of any jointly held interest in a decedent's gross estate by up to 50 percent (not to exceed $500,000) of any real or tangible property devoted to use as a farm or to use in any other trade or business, where decedent's spouse and/or children materially participated in the operation of such farm, trade or business. Specifies a formula for the computation of the special value of any such interest. Imposes an additional tax to recapture any such tax benefits if the spouse and/or child dispose of any interest in such property within five years following the decedent's death.…