{"data":{"id":"us-ky/krs-140.110","jurisdiction":"us-ky","citation":"KRS 140.110","heading":"Taxation of contingent and defeasible estates.","body":"(1) In the case of estates in expectancy which are contingent or defeasible, a tax shall be\nlevied at the rate which, on the happening of the most probable contingencies or\nconditions named in the will, deed, trust agreement, contract, insurance policy, or\nother instrument, would be applicable under the provisions of this chapter. Moneys\nso collected shall be distributed as are other inheritance tax funds. If the property so\ntaxed shall ultimately vest in possession in persons taxable at a lower rate, or in a\nperson or a corporation exempt from taxation by this chapter, upon application by\nsuch beneficiary to the Department of Revenue for refund of any excess tax, the\nDepartment of Revenue, after investigation, shall certify to the Finance and\nAdministration Cabinet the amount of such refund. The Finance and Administration\nCabinet shall refund such excess payment of tax in the same manner as other\nrefunds are made.\n(2) Where an estate or interest can be divested by the act or omission of the legatee or\ndevisee, it shall be taxed as if there were no possibility of divesting.","path":["KRS Chapter 140"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=28988","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:50:33Z","sha256":"563b44ca950773ed744269da88d2485b5d4ee6a01bba1d5627834faec0086676","source_id":"us-ky","stale":false,"prev":"us-ky/krs-140.100","next":"us-ky/krs-140.120"},"notice":"GroundRules: Original legal text. Not legal advice."}