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140.050 Taxation of surviving owner of a joint interest.

KY Rev Stat § 140.050 (2019) (N/A)
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140.050 Taxation of surviving owner of a joint interest. Whenever any real or personal property is held jointly in the names of two (2) or more persons, or as tenants by the entirety, or is deposited in banks or other depositories jointly in the names of two (2) or more persons and is payable to either or to the survivor upon the death of the other, the right of the surviving tenant by the entirety or the surviving joint tenant or joint depositor to the immediate ownership or possession and enjoyment of the property shall be deemed a transfer of one-half (1/2) or other proper fraction thereof, taxable under the provisions of this chapter in the same manner as though the part of the property to which the transfer relates belonged to the tenants by the entirety, joint tenants or joint depositors as tenants in common, and had been bequeathed or devised to the surviving tenant by the entirety, joint tenant or joint depositor by the deceased tenant by the entirety, joint tenant or joint depositor. Effective: October 1, 1942 History: Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. sec. 4281a-15.

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140.040 Taxation of transfers by power of appointment -- When transfer deemed to take place -- Date as of which value of property determined -- Remainder interests -- Rates and exemptions.
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140.055 Repealed, 1990.