Request By:
F. Chris Gorman
Steinfeld, Eddleman, Gorman & Shearer
Suite 1210 Citizens Plaza
Louisville, Kentucky 40202
Opinion
Opinion By: Robert F. Stephens, Attorney General; By William S. Riley, Assistant Attorney General
In your recent letter request is made for an interpretation of KRS 142.050 as it applies to deeds executed by an executor of an estate pursuant to the terms of a will.
For example, a person dies leaving property to his son or daughter who is also executor or executrix of the estate. Such person deeds the decedent's real property to the son or daughter as devisee.
The question is whether the transfer tax provided for in the statute, supra applies to such deed.
KRS 142.050(8)(e) exempts from the transfer tax transfers between parent and child with only nominal consideration thereof. But in the situation outlined above, no transfer tax would be due because real property passes directly from the testator to the devisee. The executor has no title in between. See