Kentucky Statutes 140.310 – Assessment of agricultural or horticultural land for inheritance tax purposes
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(1) Agricultural or horticultural land may be assessed at its agricultural or horticultural value in a decedent‘s estate for Kentucky inheritance tax purposes if the agricultural or horticultural land is qualified real estate and is passing to a qualified person or persons.
(2) Agricultural or horticultural land which comprises a portion of the assets of a corporation or partnership, and which is wholly owned by the decedent or by the decedent and qualified persons, the balance of the assets of said corporation or partnership being personal property entirely related to the use of agricultural or horticultural land, may be assessed at its agricultural or horticultural value in a decedent’s estate for Kentucky inheritance tax purposes for the agricultural or horticultural rate for qualified real estate, if the stock in said corporation or partnership interest passes to a qualified person or persons.
Effective: July 15, 1986
History: Amended 1986 Ky. Acts ch. 8, sec. 1, effective July 15, 1986. — Amended
1980 Ky. Acts ch. 402, sec. 1, effective July 15, 1980. — Created 1978 Ky. Acts ch.
138, sec. 6, effective July 1, 1978.
(2) Agricultural or horticultural land which comprises a portion of the assets of a corporation or partnership, and which is wholly owned by the decedent or by the decedent and qualified persons, the balance of the assets of said corporation or partnership being personal property entirely related to the use of agricultural or horticultural land, may be assessed at its agricultural or horticultural value in a decedent’s estate for Kentucky inheritance tax purposes for the agricultural or horticultural rate for qualified real estate, if the stock in said corporation or partnership interest passes to a qualified person or persons.
Terms Used In Kentucky Statutes 140.310
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Corporation: may extend and be applied to any corporation, company, partnership, joint stock company, or association. See Kentucky Statutes 446.010
- Decedent: A deceased person.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Partnership: includes both general and limited partnerships. See Kentucky Statutes 446.010
- Personal property: All property that is not real property.
- real estate: includes lands, tenements, and hereditaments and all rights thereto and interest therein, other than a chattel interest. See Kentucky Statutes 446.010
Effective: July 15, 1986
History: Amended 1986 Ky. Acts ch. 8, sec. 1, effective July 15, 1986. — Amended
1980 Ky. Acts ch. 402, sec. 1, effective July 15, 1980. — Created 1978 Ky. Acts ch.
138, sec. 6, effective July 1, 1978.