Kentucky Statutes 140.130 – Levy of estate tax — Computation — Payment — Administration
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(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.
History: Amended 1942 Ky. Acts ch. 204, sec. 7. — Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. secs. 4281a-28, 4281a-30.
(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:
Terms Used In Kentucky Statutes 140.130
- Federal: refers to the United States. See Kentucky Statutes 446.010
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- State: when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010
(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.
History: Amended 1942 Ky. Acts ch. 204, sec. 7. — Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. secs. 4281a-28, 4281a-30.