140.220 Collection of taxes by personal representative or trustee -- Sale of property

296 words·~1 min read·/ky/140-220

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

for tax -- Recovery of taxes from trust or life estate property.

(1)A personal representative or trustee holding property subject to any of the taxes

levied by this chapter shall not deliver the property until he has collected the tax

thereon.

(2)When a specific bequest of personal property other than money is subject to the tax

and the legatee neglects or refuses to pay the tax upon demand, the personal

representative or trustee may, upon such notice as the court having jurisdiction of

the settlement of the estate may direct, be authorized to sell the property or, if it can

be divided, such portion thereof as may be necessary. He shall deduct the tax from

the proceeds of the sale, and account to the legatee for the balance, if any, of the

proceeds, in lieu of the property.

(3)The personal representative or trustee shall collect the taxes due upon land or the

proceeds of insurance policies that are subject to tax from the heirs or devisees

entitled thereto, and he may be authorized to sell the land if they refuse or neglect to

pay the tax.

(4)If any trust or life estate is subject to the taxes levied by this chapter by virtue of its

inclusion in the decedent's estate under KRS 140.100(4), unless the decedent directs

otherwise in his will, the personal representative of the decedent's estate shall be

entitled to recover from the trust or life estate property that portion of the total taxes

assessed against the decedent's estate under this chapter equal to the gross value of

such trust or life estate property at the decedent's death divided by the value of the

decedent's entire gross estate, such values to be as finally determined for purposes

of this chapter.