Form 92a200 - Kentucky Inheritance Tax Return Page 12
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17INSTRUCTIONS
GIFTS AND TRANSFERS
Include all gifts and transfers of property in this schedule made by the decedent
within three years prior to death and any gift or transfer of property during
the decedent’s lifetime in which a life estate or the income was retained by
the decedent. If made by deed or trust, a copy of such instrument must be
attached. In the event the taxability of the gift or transfer is not included in the
taxable estate, submit details of the transfer and the reason for the exclusion.
To determine the proper taxation of gifts and transfers, refer to KRS 140.020
(see below). For reporting agricultural or horticultural land, see General
Information—Valuation of Property—Fair Cash and Agricultural.
KRS 140.020 reads in part as follows: (1) Any property or interest
therein, of which the decedent has made a transfer by trust or oth-
erwise, in contemplation of or intended to take effect in possession
or enjoyment at or after death, including a transfer under which the
transferor has retained for his life or any period not ending before
his death (a) the possession or enjoyment of, or the income from
the property; or (b) the actual or contingent power to designate the
persons who shall possess the property or the income therefrom,
except in the case of a bona fide sale for an adequate and full con-
sideration in money or money’s worth. It shall further apply to any
property conveyed in trust over which the settlor has a power of
revocation exercisable by will.
(2) Every transfer made within three (3) years prior to the death of
the grantor, vendor or donor of a material part of his estate, or in the
nature of a final disposition or distribution thereof, and without an ad-
equate valuable consideration, shall be construed to have been made
in contemplation of death within the meaning of this chapter.
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