KRS 140.310 — Assessment of agricultural or horticultural land for inheritance tax purposes

(1) Agricultural or horticultural land may be assessed at its agricultural or horticultural
value in a decedent's estate for Kentucky inheritance tax purposes if the agricu ltural
or horticultural land is qualified real estate and is passing to a qualified person or
persons.
(2) Agricultural or horticultural land which comprises a portion of the assets of a
corporation or partnership, and which is wholly owned by the decedent or by the
decedent and qualified persons, the balance of the assets of said corporation or
partnership being personal property entirely related to the use of agricultural or
horticultural land, may be assessed at its agricultural or horticultural value in a
decedent's estate for Kentucky inheritance tax purposes for the agricultural or
horticultural rate for qualified real estate, if the stock in said corporation or
partnership interest passes to a qualified person or persons.