140.090 Deductions allowed from distributive shares.

216 words·~1 min read·/ky/chapter-140/140-090

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

(1)In calculating the value of the distributive shares the following deductions and no

others shall be allowed:

(a)Debts of the decedent, except debts secured by property not subject to the tax

jurisdiction of Kentucky; and except debts barred by the statute of limitations;

(b)Taxes accrued and unpaid, except those on property not subject to the tax

jurisdiction of Kentucky;

(c)Death duties paid to foreign countries;

(d)Federal estate taxes, in the proportion which the net estate in Kentucky subject

to federal estate taxes bears to the total net estate everywhere subject to

federal estate taxes; all calculations are subject to approval by the Department

of Revenue;

(e)Drainage, street, or other special assessments due and unpaid which are a lien

on said property;

(f)Funeral, monument, and cemetery lot maintenance expenses actually paid not

exceeding in total five thousand dollars ($5,000);

(g)Commission of executors and administrators in the amount actually allowed

and paid;

(h)Cost of administration, including attorney's fees actually allowed and paid.

(2)Notwithstanding the provisions of KRS 404.040, the debts of a deceased wife,

subject to the exception in subsection (1)(a), shall be allowed in calculating the

distributive shares of her estate for purposes of this chapter, provided such debts are

paid from the proceeds of her estate.