{"data":{"id":"us-ky/krs-131.550","jurisdiction":"us-ky","citation":"KRS 131.550","heading":"Assessment against transferee of a fraudulent conveyance made with","body":"intent to hinder or evade collection of tax due from transferor.\n(1) When the Department of Revenue reasonably believes that any taxpayer has\ndivested himself by gift, conveyance, assi gnment, transfer of, or charge upon any\nproperty, whether real, personal, tangible or intangible, with the intent to hinder or\nevade the collection of any tax assessed or to be assessed by the department or\ndeclared by the taxpayer on a return filed with t he department, any transferee of\nsuch property may be assessed by the Department of Revenue an amount equal to\nthe lesser of the amount of tax assessed against the transferor taxpayer or the fair\nmarket value of the property so transferred. However, no ass essment shall be made\npursuant to this section against a transferee who takes the property for full and\nvaluable consideration in money or money's worth, unless it appears that such\ntransferee had notice of the intent of the transferor taxpayer to hinder o r evade the\ncollection of any tax.\n(2) Any assessment made by the Department of Revenue against a transferee pursuant\nto subsection (1) of this section is, except as provided in this section, subject to the\nsame provisions and limitations as in the case of  the taxes for which the liabilities\nwere incurred.\n(3) The period of limitation for assessment of any liability against a transferee pursuant\nto subsection (1) of this section shall be as follows:\n(a) In the case of an initial transferee, within one (1) y ear after the expiration of\nthe period of limitation for assessment against the transferor taxpayer; and\n(b) In the case of the liability of a transferee of a transferee, within one (1) year\nafter the expiration of the period of limitation for assessment a gainst the\npreceding transferee, but not more than three (3) years after the expiration of\nthe period of limitation for assessment against the initial transferor taxpayer.\n(4) The notice of any assessment against a transferee made pursuant to subsection (1) of\nthis section shall be either given to the transferee in person or sent by mail to such\ntransferee's last known address.","path":["KRS Chapter 131"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=28160","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:50:22Z","sha256":"cc34d4a147b068633419ad48a5a4396701b50968ed439d986633626dd2b9be2f","source_id":"us-ky","stale":false,"prev":"us-ky/krs-131.540","next":"us-ky/krs-131.560"},"notice":"GroundRules: Original legal text. Not legal advice."}