All real and personal property within the jurisdiction of this state and any interest therein
belonging to inhabitants of this state, all tangible personal property wherever situated
belonging to inhabitants of this state that has not acquired a situs for purposes of taxation
outside of this state, all intangible property belonging to persons domiciled in this state
except partnership property located in another state which is subject to an inheritance or
estate tax in that state, all intangible property belonging to nonresidents that has acquired
a business situs in this state, all real property or interest therein within this state and all
tangible personal property that has acquired a situs in this state and is not taxable
elsewhere belonging to persons who are not inhabitants of this state, which shall pass by
will or by the laws regulating intestate succession, or by deed, grant, bargain, sale or gift
made in contemplation of death or made or intended to take effect in possession or
enjoyment at or after the death of the grantor or donor, absolutely or in trust, to any
person or to any body politic or corporate, in trust or otherwise, or by reason whereof any
person or body politic or corporate shall become beneficially entitled in possession or
expectancy to any property or to the income thereof, is subject to a tax upon the fair cash
value as of the date of the death of the grantor or donor of the property in excess of the
exemptions granted and at the rates prescribed in this chapter. This tax shall be imposed
when any such person or corporation becomes beneficially entitled in possession or
expectancy to any property or the income thereof by any such transfer.
History: Amended 1970 Ky. Acts ch. 21, sec. 1. -- Recodified 1942 Ky. Acts ch. 208,
sec. 1, effective October 1, 1942, from Ky. Stat. sec. 4281a-12.
Notes of Decisions
Lynch v. Kentucky Tax Comm'n, 333 S.W.2d 257 (Ky. Ct. App. 1960).
· cites it 3× “85, representing the decedent’s interest in the partnership, in his gross estate and has refused to permit the estate any credit for the inheritance tax paid to the State of North Carolina.”
Est. of McVey v. Dep't of Revenue, 480 S.W.3d 233 (Ky. 2015).
· cites it 3× “KRS 140.010. Thus, the tax extends to property transferred “by will or by the laws regulating intestate succession, or by deed, grant, bargain, sale or gift made in contemplation of death or made or intended to take effect in possession or enjoyment at or after the death of the…”
Revenue Cabinet v. Est. of Field, 864 S.W.2d 930 (Ky. Ct. App. 1993).
“* * * KRS 140.010 subjects devisees of real property to an inheritance tax based on the “fair cash value” of such property as of the testator’s date of death.”
Dep't of Revenue v. Kentucky Trust Co., 313 S.W.2d 401 (Ky. Ct. App. 1958).
“Robinson and the entire corpus of same was taxable at his death under KRS 140.010. y- The executor paid this tax under protest and filed its petition for appeal in the Franklin Circuit Court asking that under KIRS 134.”
Ream v. Dep't of Revenue, 236 S.W.2d 462 (Ky. Ct. App. 1951).
“Ream, in 1924, theT924 value of that life interest should be determined, deducted from the gross 1924 estate, and the remainder taxed by Kentucky at the rates prevailing in 1924: We are not impressed with appellant’s contention that Kentucky did not intend to include this…”
Kentucky Trust Co. v. Dep't of Revenue, 421 S.W.2d 854 (Ky. Ct. App. 1967).
· cites it 2× “KRS 140.010 imposes an inheritance tax on all property “belonging to” inhabitants of this state “which shall pass” by will, or by the laws regulating intestate succession, or by deed, grant, bargain, sale or .”
Commonwealth, Dep't of Revenue v. Am. Nat'l Bank, 425 S.W.2d 281 (Ky. Ct. App. 1968).
“*282 The question in issue is whether the property represented by the pension passed to the widow by a transfer intended to take effect in possession and enjoyment at or after death within the meaning of KRS 140.010 and 140.020. Mr. Binder had been an executive of the Western…”
Allen's Ex'r v. Howard, 200 S.W.2d 484 (Ky. Ct. App. 1946).
· cites it 2× “4281a-12 of that year’s statute and now appears as KRS 140.010, which reads: “All real and personal property within the jurisdiction of this state * * * which shall pass by will or by the laws regulating intestate succession, or by deed, grant, bargain, sale or gift made in…”
Revenue Cabinet v. Cox, 738 S.W.2d 114 (Ky. Ct. App. 1987).
· cites it 2× “This has the effect of rendering the Revenue Cabinet incapable of collecting such a tax under the provisions of KRS 140.010 and .050. The facts underlying this matter were stipulated at the trial level.”
Luckett v. First Nat'l Lincoln Bank of Louisville, 409 S.W.2d 518 (Ky. Ct. App. 1966).
· cites it 3× “) The parties in their briefs have entered into an extended argument as to whether the above quoted subsection levies the tax on life insurance proceeds or whether such tax is levied by KRS 140.010 and KRS 140.030(1). KRS 140.010 is a general statute imposing inheritance taxes…”
Bosworth v. Commonwealth, 231 S.W.2d 36 (Ky. Ct. App. 1950).
· cites it 2× “This provision is now found in practically the same form in KRS 140.010. The Department of Revenue took the position that the Bosworth property was taxable under this statute, because, under the trust instrument, it was intended “to take effect in possession or enjoyment at or…”
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