exclusion amount in effect for such preceding calendar period had been the applicable exclusion amount in effect for the calendar year for which the tax is being computed and the modifications described in subsection (g) had been applicable for such preceding calendar period. (2) Limitation The aggregate amount of gifts made in any applicable preceding calendar period to which the reduction under paragraph (1) applies shall not exceed the excess of— (A) the applicable exclusion amount for such preceding calendar period, over (B) the applicable exclusion amount for the calendar year for which the tax is being computed. (3) Applicable preceding calendar year period The term applicable preceding calendar year period means any preceding calendar year period in which the applicable exclusion amount exceeded the applicable exclusion amount for the calendar year for which the tax is being computed. (4) Applicable exclusion amount The term applicable exclusion amount means, with respect to any period, the amount determined under section 2010(c) for such period, except that in the case of any period for which such amount includes the deceased spousal unused exclusion amount (as defined in section 2010(c)(4)), such term shall mean the basic exclusion amount (as defined under section 2010(c)(3), as in effect for such period). . (c) Effective date The amendments made by this section shall apply to estates of decedents dying, and generation-skipping transfers and gifts made, after December 31, 2019. 3. Modification of rules for value of certain farm, etc., real property (a) In general Paragraph (2) of section 2032A(a) of the Internal Revenue Code of 1986 is amended by striking $750,000 and inserting $3,000,000 . (b) Inflation adjustment Paragraph (3) of section 2032A(a) of such Code is amended— (1) by striking 1998 and inserting 2019