140.220 Collection of taxes by personal representative or trustee -- Sale of property for tax -- Recovery of taxes from trust or life estate property. - Kentucky Statutes

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140.220 Collection of taxes by personal representative or trustee -- Sale of property for tax -- Recovery of taxes from trust or life estate property. (1) A personal representative or trustee holding property subject to any of the taxes levied by this chapter shall not deliver the property until he has collected the tax
thereon. (2) When a specific bequest of personal property other than money is subject to the tax and the legatee neglects or refuses to pay the tax upon demand, the personal
representative or trustee may, upon such notice as the court having jurisdiction of
the settlement of the estate may direct, be authorized to sell the property or, if it can
be divided, such portion thereof as may be necessary. He shall deduct the tax from
the proceeds of the sale, and account to the legatee for the balance, if any, of the
proceeds, in lieu of the property. (3) The personal representative or trustee shall collect the taxes due upon land or the proceeds of insurance policies that are subject to tax from the heirs or devisees
entitled thereto, and he may be authorized to sell the land if they refuse or neglect to
pay the tax. (4) If any trust or life estate is subject to the taxes levied by this chapter by virtue of its inclusion in the decedent's estate under KRS 140.100(4), unless the decedent directs
otherwise in his will, the personal representative of the decedent's estate shall be
entitled to recover from the trust or life estate property that portion of the total taxes
assessed against the decedent's estate under this chapter equal to the gross value of
such trust or life estate property at the decedent's death divided by the value of the
decedent's entire gross estate, such values to be as finally determined for purposes
of this chapter. Effective: July 15, 1986
History: Amended 1986 Ky. Acts ch. 458, sec. 3, effective July 15, 1986. -- Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. sec. 4281a-
47.