A bill to amend the Internal Revenue Code of 1954 to provide that a spouse's services shall be taken into account in determining whether that spouse furnished adequate consideration for jointly held property for purposes of qualifying for an exclusion from the Federal estate tax, to increase the exemption for purposes of the Federal estate tax, to increase the estate tax marital deduction and to provide an alternate method of valuing certain real property for estate tax purposes.

States that a spouse's services shall be taken into account in determining the consideration furnished to purchase jointly owned property for purposes of the Federal estate tax.

Increases the value of the estate tax exemption under the Internal Revenue Code from $60,000 to $200,000 of the value of the gross estate.

Increases the limitation on the aggregate marital deduction to 50 percent of the adjusted gross value of the estate, plus $100,000.

Allows an executor to value farmland, woodland, and scenic open land at its current use value rather than at its fair market value.