Kansas Administrative Regulations

Regulation Number:92-2-54
Agency Title: KANSAS DEPARTMENT OF REVENUE
Article Title: Inheritance Taxes
Tax Type:Inheritance Tax
Brief Description:Transfer of assets prior to payment of tax.
Keywords:


Body:

92-2-54 Transfer of assets prior to payment of tax. When it becomes necessary to transfer assets prior to payment of the inheritance tax, a consent to transfer can be obtained in those cases where the inheritance tax lien is not released automatically pursuant to K.S.A. 1979 Supp. 79-
1569. A consent to transfer any property is not necessary where the sale is properly authorized by the decedent's will or by order of the district court. A request for consent to transfer shall be made by filing a completed form IH-14.
A consent to transfer assets will not be issued prior to the receipt of a return. If a complete return can not be filed at the time the transfer becomes necessary, a preliminary return shall be filed. A preliminary return shall be as complete as is possible, and shall include an explanation of the reason for the inability to file a complete return. A preliminary return must also include copies of the decedent's will and any trust instruments involved. A consent to transfer will be issued when the return describes remaining real estate or stock of a value sufficient to secure payment of the inheritance tax. When there is no real estate or stock to secure payment of the tax, a consent to transfer may be obtained by one of the three (3) following methods: (a) The executor, administrator, or deemed executor may file an affidavit describing other assets of a value sufficient to secure payment of the inheritance tax, and warranting that those assets will not be disposed of until a complete return has been filed and the tax determined and paid.
(b) The executor, administrator or deemed executor may establish an escrow account in an amount the director finds to be sufficient to secure payment of the inheritance tax. The escrow shall provide that the account shall not be released to the executor, administrator or deemed executor until the complete inheritance tax return has been filed and the tax determined and paid.
(c) The executor, administrator or deemed executor may establish a joint account with the director in an amount the director finds to be sufficient to secure payment of the inheritance tax. The joint account shall not be released to the executor, administrator or deemed executor until the complete inheritance tax return has been filed and the tax determined and paid. (Authorized by K.S.A. 1979 Supp. 79-1583, 79-1569; effective, E-
80-26, Dec. 12, 1979; effective May 1, 1980.)