A bill to amend the Internal Revenue Code of 1954 to provide that the executor may elect to disregard, in the valuation for estate tax purposes of certain items created by the decedent during his life, any amount which would not have been capital gain if such item had been sold by the decedent at its fair market value.

Amends the Internal Revenue Code to permit the executor of an estate, in calculating the value of the gross estate, to elect to disregard that portion of the value of any copyright, or literary, musical, or artistic work created by a decedent which would have been ordinary income if such work had been sold by the decedent at its fair market value.