140.060 Exemption of transfers to educational, religious and charitable institutions, and to cities and public institutions. - Kentucky Statutes

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140.060 Exemption of transfers to educational, religious and charitable institutions, and to cities and public institutions. All transfers to educational, religious or other institutions, societies, or associations,
whose sole object and purpose are to carry on charitable, educational, or religious work,
all transfers for or upon trust for any charitable, educational, or religious purpose, and all
transfers to cities, and towns or public institutions in this state for public purposes shall
be exempt from the tax imposed by this chapter. But no such corporation or association
shall be entitled to such exemption if any officer, member, stockholder or employee
thereof shall receive or may be lawfully entitled to receive any pecuniary profit from the
operations thereof, except reasonable compensation for services in effecting one or more
of such purposes or as proper beneficiary of its strictly charitable purpose; or if the
organization thereof, for any such avowed purpose, be a guise or pretense for directly or
indirectly making any other pecuniary profit for such corporation or association, or for
any of its members or employees, or if it be not in good faith organized or conducted
exclusively for one or more of such purposes. Effective: June 17, 1954
History: Amended 1954 Ky. Acts ch. 55, sec. 1, effective June 17, 1954. -- Amended 1942 Ky. Acts ch. 204, sec. 3. -- Recodified 1942 Ky. Acts ch. 208, sec. 1, effective
October 1, 1942, from Ky. Stat. sec. 4281a-18.