Form 92a200 - Kentucky Inheritance Tax Return Page 6
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17INSTRUCTIONS
JOINTLY OwNED ASSETS
All jointly owned property whether real estate (for reporting agricultural or hor-
ticultural land, see General Information—Valuation of Property—Fair Cash and
Agricultural), tangible personal property, bank accounts, stocks, bonds, etc., must
be reported (see KRS 140.050 below). All property placed in joint ownership by the
decedent within three years of the date of death is subject to the tax in its entirety
(see KRS 140.020(2) below). However, there is no presumption of contemplation
of death as to certificates of deposit jointly owned, and only the percent of owner-
ship of the decedent is taxable (see KRS 140.020(3) below).
KRS 140.020(2) reads as follows: 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 adequate valuable consideration, shall be construed prima
facie to have been made in contemplation of death within the meaning
of this chapter. If a transfer was made more than three (3) years prior to
the death of the decedent it shall be a question of fact, to be determined
by the proper tribunal, whether the transfer was made in contemplation
of death.
KRS 140.020(3) reads as follows: There shall be no presumption of con-
templation of death as to certificates of deposit jointly owned and all such
certificates of deposit shall be taxed pursuant to KRS 140.050.
KRS 140.050 reads as follows: 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 sur-
vivor 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 just depositor.
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