Luckett v. First National Lincoln Bank of Louisville

CLAY, Commissioner.

The Commissioner of Revenue appeals from a judgment reversing an order of the Kentucky Tax Commission which increased an inheritance tax assessment against ap-pellee approximately $6,000. The question involved is one of statutory interpretation.

Appellee is the executor of the will of Robert E. Adams, Sr., who died in 1960. Four years before his death he had entered into an irrevocable life insurance trust agreement with appellee as trustee, and assigned to it eleven insurance policies having a face value of about $104,000. Adams was the original named beneficiary in these…