The person responsible for filing the inheritance tax return for a decedent‘s estate and who elects to report qualified real estate at its agricultural or horticultural value shall in addition report the fair market value of the qualified real estate.
Effective: July 1, 1978
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Terms Used In Kentucky Statutes 140.340

  • Decedent: A deceased person.
  • Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
  • real estate: includes lands, tenements, and hereditaments and all rights thereto and interest therein, other than a chattel interest. See Kentucky Statutes 446.010

History: Created 1978 Ky. Acts ch. 138, sec. 9, effective July 1, 1978.

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