real property.
(1) When any interest in property less than an estate in fee is devised or bequeathed to one or more beneficiaries with remainder to others, and the interest of one or more beneficiaries is subject to any of the taxes levied by this chapter, the personal representative shall deduct the tax upon such taxable interests from the whole property thus devised or bequeathed. Whenever property other than money is so devised or bequeathed he may, unless the taxes upon all the taxable interests are paid by the beneficiaries when due, be authorized to sell the property or such portion thereof as may be necessary, as provided in KRS 140.220, and having deducted the unpaid taxes on the taxable interests from the proceeds of the sale, he shall account for the balance in lieu of the property sold, as in other cases.
(2) If a legacy subject to the tax is charged upon or payable out of real property, the heir or devisee, before paying the legacy, shall deduct the tax therefrom and pay it to the personal representative or trustee. The payment of this tax shall be enforced in the same manner as the payment of a tax on a direct legacy could be enforced. Effective: October 1, 1942 History: Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. secs. 4281a-48, 4281a-49.
Notes of Decisions
Louisville Trust Co. v. Walter, 207 S.W.2d 328 (Ky. Ct. App. 1948).
· cites it 2× “Appellant states (and it is our only source of information), that the principal inheritance tax falls on the life estate devised to William and will be deducted from the property in remainder to the University. The objection here is that such an allocation of the tax would…”
Ream v. Dep't of Revenue, 236 S.W.2d 462 (Ky. Ct. App. 1951).
“Provided that in the case of such power of appointment, the transfer shall be deemed to take place, for the purpose of taxation, at the time of the death of the donor and the assessment be made at that time against the life interest of the donee and the remainder against the…”
Mercer Gen. Hosp., Inc. v. Hardin, 246 S.W.2d 1003 (Ky. Ct. App. 1952).
· cites it 4× “KRS 140.230 reads in part: “When any interest in property less then an estate in fee is devised or bequeathed to one or more beneficiaries with remainder to others, and the interest of one or more beneficiaries is subject to any of the taxes levied by this chapter, the personal…”
Allen's Ex'r v. Howard, 200 S.W.2d 484 (Ky. Ct. App. 1946).
“This section then provides that the tax shall be collected pursuant to KRS 140.230, which states that when less than the fee of property is devised that the personal representative must deduct the taxes.”
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