140.130 Levy of estate tax -- Computation -- Payment -- Administration.

236 words·~1 min read·/ky/chapter-140/140-130

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

(1)In addition to the inheritance tax hereinbefore imposed, an estate tax is hereby

levied on all estates equal to the amount by which the credits for state death taxes

allowable under the federal tax law exceeds the tax levied under KRS 140.010, less

the discount allowed under KRS 140.210, if taken by the taxpayer. Said tax shall be

payable at the same time and in the same manner as the inheritance taxes levied by

this chapter.

(2)In the case of resident decedents and nonresident decedents over part of whose

estates Kentucky has tax jurisdiction the estate tax shall be computed as follows:

(a)The ratio which that part of the net estate over which Kentucky has

jurisdiction for estate tax purposes bears to the total net estate wherever

located shall be ascertained.

(b)The total maximum offset for state succession taxes allowed under the

provisions of the federal estate tax law shall be multiplied by the ascertained

ratio to determine the offset allocable to this state.

(c)The estate tax levied by this section shall equal the amount, if any, by which

the offset allocable to this state shall exceed the inheritance taxes under KRS

140.010, less the discount allowed under KRS 140.210, if taken by the

taxpayer.

(3)All administrative provisions of this chapter, to the extent that they are applicable,

shall be available for the enforcement of this section and KRS 140.140.