Family Business Preservation Act

[AI summary unavailable — showing source text] Family Business Preservation Act - Amends the Internal Revenue Code to provide that for purposes of the accumulated earnings tax any accumulation before the death of a shareholder needed to redeem stock death shall be treated as a reasonable business need. Modifies the alternate extension of time for payment of the estate tax where the estate consists largely of an interest in a closely held business to increase from 15 to 35 the number of shareholders in a qualifying closely held business.…