{"data":{"id":"us-ky/krs-140.095","jurisdiction":"us-ky","citation":"KRS 140.095","heading":"Credit in case same property passes again within five years.","body":"(1) As used in this section the word \"transfer\" means a taxable transfer under the\nprovisions of KRS Chapter 140.\n(2) Subject to the provisions of this section, any person to whom property is transferred\nshall be allowed a credit against the tax imposed by KRS  140.070, if the property\nwas transferred to the immediate decedent within five (5) years prior to the death of\nthe immediate decedent and a tax paid on the prior transfer under the provisions of\nKRS Chapter 140. To be entitled to such tax credit, the pers on claiming it shall\nidentify the property as having been so transferred and taxed or identify the property\nas having been acquired in exchange for property so transferred and taxed.\n(3) The tax credit shall be computed by allocating to that part of the pr eviously taxed\nproperty, which is the subject of the immediate transfer, the proportionate part of\nthe tax paid on the prior transfer as the present value of the previously taxed\nproperty transferred to the immediate beneficiary or distributee bears to the  total\npresent value of all the property received by the immediate decedent from the prior\ndecedent which is transferred to all the immediate beneficiaries or distributees.\nProvided, however, that the tax credit shall not exceed an amount equal to such\nproportion of the total tax due on all property transferred to the immediate\nbeneficiary or distributee from the immediate decedent (computed before any tax\ncredit is applied) as the present value of the previously taxed property transferred to\nthe immediate beneficiary or distributee from the immediate decedent bears to the\npresent value (including any exemption allowed) of all property transferred to the\nimmediate beneficiary or distributee from the immediate decedent. If the estate of\nthe immediate decedent  consists in part of property not previously transferred and\ntaxed as described in subsection (2), it shall be presumed for the purpose of this\nsubsection, unless the contrary clearly appears, that each distributive share of the\nentire estate includes the same proportion of the previously taxed property as the\nentire value of each share bears to the aggregate value of all the entire shares.","path":["KRS Chapter 140"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=28986","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:50:33Z","sha256":"d2a9e6a17907260ddb5ef829a6cf6190abe490e2b9aa38449dcffc9a13fd555c","source_id":"us-ky","stale":false,"prev":"us-ky/krs-140.090","next":"us-ky/krs-140.100"},"notice":"GroundRules: Original legal text. Not legal advice."}