Kentucky Statutes 393A.060 – When other tax-deferred account presumed abandoned
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Subject to KRS § 393A.120 and except for property described in KRS § 393A.050 and property held in a plan described in 26 U.S.C. § 529A, property held in an account or plan, including a health savings account, that qualifies for tax deferral under the income- tax laws of the United States shall be presumed abandoned if it is unclaimed by the apparent owner three (3) years after the earlier of:
(1) The date, if determinable by the holder, specified in the income-tax laws and regulations of the United States by which distribution of the property shall begin to avoid a tax penalty, with no distribution having been made; or
(2) Thirty (30) years after the date the account was opened.
Effective: July 14, 2018
History: Created 2018 Ky. Acts ch. 163, sec. 6, effective July 14, 2018.
(1) The date, if determinable by the holder, specified in the income-tax laws and regulations of the United States by which distribution of the property shall begin to avoid a tax penalty, with no distribution having been made; or
Terms Used In Kentucky Statutes 393A.060
- Apparent owner: means a person whose name appears on the records of a holder as the owner of property held, issued, or owing by the holder. See Kentucky Statutes 393A.010
- Holder: means a person obligated to hold for the account of, or to deliver or pay to, the owner, property subject to this chapter. See Kentucky Statutes 393A.010
(2) Thirty (30) years after the date the account was opened.
Effective: July 14, 2018
History: Created 2018 Ky. Acts ch. 163, sec. 6, effective July 14, 2018.