140.310 Assessment of agricultural or horticultural land for inheritance tax purposes. - Kentucky Statutes

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140.310 Assessment of agricultural or horticultural land for inheritance tax purposes. (1) Agricultural or horticultural land may be assessed at its agricultural or horticultural value in a decedent's estate for Kentucky inheritance tax purposes if the agricultural
or horticultural land is qualified real estate and is passing to a qualified person or
persons. (2) Agricultural or horticultural land which comprises a portion of the assets of a corporation or partnership, and which is wholly owned by the decedent or by the
decedent and qualified persons, the balance of the assets of said corporation or
partnership being personal property entirely related to the use of agricultural or
horticultural land, may be assessed at its agricultural or horticultural value in a
decedent's estate for Kentucky inheritance tax purposes for the agricultural or
horticultural rate for qualified real estate, if the stock in said corporation or
partnership interest passes to a qualified person or persons. Effective: July 15, 1986
History: Amended 1986 Ky. Acts ch. 8, sec. 1, effective July 15, 1986. -- Amended 1980 Ky. Acts ch. 402, sec. 1, effective July 15, 1980. -- Created 1978 Ky. Acts
ch. 138, sec. 6, effective July 1, 1978.