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140.010 Levy of inheritance tax -- Property affected -- When tax attaches.
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.
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