Ky. Rev. Stat. » Chapter 140
Kentucky Revised Statutes

Ky. Rev. Stat. § 140.120 (2026)

Taxation of gifts to fiduciaries

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If a testator bequeaths or devises property to one (1) or more personal representatives or trustees in lieu of their commissions or allowances, or makes them his legatees to an amount exceeding the commissions or allowances prescribed by law, the excess in value of property so bequeathed or devised above the amount of commissions or allowances prescribed by law in similar cases shall be taxable. Effective: October 1, 1942 History: Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. sec. 4281a-27.

Notes of Decisions
Cited in 2 cases, 1948–1978 · leading case: Louisville Trust Co. v. Walter, 207 S.W.2d 328 (Ky. Ct. App. 1948).
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Louisville Trust Co. v. Walter, 207 S.W.2d 328 (Ky. Ct. App. 1948). · cites it 2× “Section 140.120, KRS, makes the personal representative and all beneficiaries liable for the tax.”
Ruby Constr. Co. v. Dep't of Revenue, 578 S.W.2d 248 (Ky. Ct. App. 1978). “4 It is only at the third stage when the corporation is calculating its taxable net income 5 that the corpo *251 ration’s business income is allocated and apportioned to Kentucky under the provisions of KRS 140.120. It is at this third stage of computation that Ruby’s and the…”
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