Estate and Gift Tax Reform Act of 1981

[AI summary unavailable — showing source text] Estate and Gift Tax Reform Act of 1981 - Amends the Internal Revenue Code to increase the unified credit against the estate and gift taxes from $47,000 to $155,800 by specified annual increments through 1985. Provides for a yearly inflation adjustment of the amount of such credit. Repeals the existing limitations on the marital deduction for gift and estate taxes. Increases from $3,000 to $6,000 the annual gift tax exclusion. Specifies that the rental by a decedent to a member of the decedent's family of real property otherwise qualified for the special use valuation shall neither prevent its qualification as such nor require to be imposed the additional estate tax on dispositions and failures to use for a qualified use. Qualifies estates of decedents who were disabled or retired for the special use valuation if such decedents materially participated in the operation of the farm for five out of eight years preceding the year in which they became disabled or eligible for disability benefits under title II (Old Age, Survivors and Disability Insurance) of the Social Security Act. Permits the spouse of a decedent to use such valuation if the spouse has managed the farm or business for …