KRS 140.222 — Deferred payment of inheritance tax -- Interest -- Time and method of election to defer -- Liability for deferred payments

(1) When the net tax due from a beneficiary's distributive share exceeds five thousand
dollars ($5,000), the beneficiary may el ect to pay the inheritance tax in ten (10)
equal installments. The first installment shall be due at the time the return is filed
with succeeding payments due in annual installments beginning one (1) year after
the return is filed.
(2) The portion of the t ax deferred under this section shall be charged with interest at
the tax interest rate as defined in KRS 131.010(6) commencing eighteen (18)
months after the date of death.
(3) When the beneficiary elects to pay the tax on his share as provided in this sec tion,
such election must be made in writing and signed by the beneficiary and must be
filed with the Department of Revenue at the time of filing the tax return for the
decedent's estate under KRS 140.160(2). The filing of the election together with
payment of the first installment shall relieve the personal representative or trustee of
the estate from further liability for the tax payments deferred under this section and
the bond requirements of KRS 140.210, subject to the final approval by the
Department of Revenue of all other taxes due under this chapter.
(4) A beneficiary electing to defer the payment of taxes under this section shall be
personally liable for the amount of deferred taxes until paid.
(5) The period of limitations for actions to enforce th e collection of taxes imposed by
this chapter as provided by KRS 140.160(3) shall be suspended for the period of
time for deferred payment granted by this section.