KRS 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 agricu ltural

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.