140.285 Agreement with taxing authorities of other states.

189 words·~1 min read·/ky/chapter-140/140-285

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

(1)When the Department of Revenue claims that a decedent was domiciled in

Kentucky at the time of death and the taxing authorities of another state or states

make a similar claim with respect to their state or states, the commissioner of the

Department of Revenue may enter into a written agreement with such taxing

authorities and the executor, administrator or trustee, fixing the sum acceptable to

the department in full settlement of the inheritance or estate taxes imposable under

this chapter. Such agreement shall also fix the sum acceptable to such other state or

states in full settlement of the death taxes imposable by such state or states.

(2)If the aggregate amount payable under such agreement to the states involved is less

than the maximum sum allowable as a credit to the estate against the federal estate

tax imposed thereon, then the executor, administrator or trustee shall also pay to the

State of Kentucky as an estate tax so much of the difference between such aggregate

amount and the amount of such credit as the amount payable to Kentucky under the

agreement bears to such aggregate amount.