KENTUCKY TRUST COMPANY v. DEPARTMENT OF REVENUE


421 S.W.2d 854 (1967)

The KENTUCKY TRUST COMPANY, Executor, etc., Appellant, v. DEPARTMENT OF REVENUE, Commonwealth of Kentucky, Appellee.

Court of Appeals of Kentucky.

December 15, 1967.


Attorney(s) appearing for the Case

William B. Peden, Jones, Ewen, MacKenzie & Peden, Louisville, for appellant.

Robert Matthews, Atty. Gen., William S. Riley, Asst. Atty. Gen., Cyril E. Shadowen, Frankfort, for appellee.


CLAY, Commissioner.

This is an appeal from a judgment affirming an order of the Kentucky Tax Commission imposing an inheritance tax on the proceeds of a life insurance policy held in trust subject to a power of appointment.

Frank Brandon, prior to his death in 1960, had entered into a life insurance trust agreement with appellant as trustee. It provided that the insurance proceeds should be divided into Trust A and Trust B. His widow was the income beneficiary...

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