Kentucky Statutes 141.030 – Levy of income tax on estates, trusts and fiduciaries — Liability of fiduciaries
Current as of: 2024 | Check for updates
|
Other versions
(1) The tax imposed by KRS § 141.020 upon individuals shall apply to estates and trusts and to all fiduciaries. This tax shall be paid annually upon the net income of estates and of any property held in trust at the rates specified in KRS § 141.020.
(2) The fiduciary shall be responsible for making the return of income for the person for whom he acts, whether the income is taxable to the fiduciary or to the beneficiaries of the income.
History: Amended 1954 Ky. Acts ch. 79, sec. 4, effective June 17, 1954. — Amended
1950 Ky. Acts ch. 172, sec. 1. — Recodified 1942 Ky. Acts ch. 208, sec. 1, effective
October 1, 1942, from Ky. Stat. sec. 4281b-29.
(2) The fiduciary shall be responsible for making the return of income for the person for whom he acts, whether the income is taxable to the fiduciary or to the beneficiaries of the income.
Terms Used In Kentucky Statutes 141.030
- Fiduciary: A trustee, executor, or administrator.
- Person: means "person" as defined in Section 7701(a)(1) of the Internal Revenue
Code. See Kentucky Statutes 141.900
History: Amended 1954 Ky. Acts ch. 79, sec. 4, effective June 17, 1954. — Amended
1950 Ky. Acts ch. 172, sec. 1. — Recodified 1942 Ky. Acts ch. 208, sec. 1, effective
October 1, 1942, from Ky. Stat. sec. 4281b-29.