A bill to amend Section 1014 of the Internal Revenue Code.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code, with respect to the estate tax, to provide that the basis of an interest in farming or small business property in the hands of a person acquiring such interest from the decedent shall be the fair market value of the property. Requires an increase in the basis of property acquired in a generation-skipping transfer before the transferor's death by an amount equal to the generation-skipping tax imposed.…