A bill to amend the Internal Revenue Code of 1954 to provide a procedure for determining the fair market value of certain assets for estate tax purposes, and to provide for declaratory judgments relating to installment payment of estate tax.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to allow the executor of an estate to request the Secretary of the Treasury to audit the fair market value of any property to which the special use valuation applies. Permits an executor, in the absence of an agreement with the Secretary as to fair market value, to bring an action in the Tax Court for a declaration of such value. Prohibits the commencement of an action during the 18 months following the executor's request for an audit, unless the Secretary has already sent by certified or registered mail a notification of disagreement with the value shown on the estate tax return. Requires the pleading to be filed, where such notification has been sent, within 90 days. Makes binding on the Secretary and on any qualified heir: (1) a notification of the Secretary's disagreement sent within three years after the executor's audit request, unless an action is brought in the prescribed time period; and (2) the fair market value shown on the return if the Secretary does not send such a notification within three years after the request. Makes binding on qualified heirs any Tax Court declaration of fair market value made under this Act. Permits a qualified h…