2009 Kansas Code
Chapter 79 TAXATION
Article 15 DEATH TAXES
79-15,211. Same; transferred property with power of decedent to alter, amend, revoke or terminate enjoyment thereof.

79-15,211

Chapter 79.--TAXATION Article 15.--DEATH TAXES

      79-15,211.   Same; transferred property with power of decedent to alter, amend, revoke or terminate enjoyment thereof. (a) The value of the gross estate shall include the value of all property to the extent of any interest therein of which the decedent has at any time made a transfer, except in case of a bona fide sale for an adequate and full consideration in money or money's worth, by trust or otherwise, where the enjoyment thereof was subject at the date of the decedent's death to any change through the exercise of a power, in whatever capacity exercisable, by the decedent alone or by the decedent in conjunction with any other person, without regard to when or from what source the decedent acquired such power, to alter, amend, revoke or terminate.

      (b)   For purposes of this section, the power to alter, amend, revoke or terminate shall be considered to exist on the date of the decedent's death even though the exercise of the power is subject to a precedent giving of notice or even though the alteration, amendment, revocation or termination takes effect only on the expiration of a stated period after the exercise of the power, whether or not on or before the date of the decedent's death notice has been given or the power has been exercised. In such cases proper adjustment shall be made representing the interest which would have been excluded from the power if the decedent had lived, and for such purpose, if the notice has not been given or the power has not been exercised on or before the date of the decedent's death, such notice shall be considered to have been given, or the power exercised, on the date of the decedent's death.

      History:   L. 2006, ch. 199, § 11; Jan. 1, 2007.