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140.310 Assessment of agricultural or horticultural land for inheritance tax purposes.

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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 agricultural <br>or horticultural land is qualified real estate and is passing to a qualified person or <br>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 <br>decedent and qualified persons, the balance of the assets of said corporation or <br>partnership being personal property entirely related to the use of agricultural or <br>horticultural land, may be assessed at its agricultural or horticultural value in a <br>decedent's estate for Kentucky inheritance tax purposes for the agricultural or <br>horticultural rate for qualified real estate, if the stock in said corporation or <br>partnership interest passes to a qualified person or persons. Effective: July 15, 1986 <br>History: Amended 1986 Ky. Acts ch. 8, sec. 1, effective July 15, 1986. -- Amended 1980 Ky. Acts ch. 402, sec. 1, effective July 15, 1980. -- Created 1978 Ky. Acts <br>ch. 138, sec. 6, effective July 1, 1978.