Pohlman v. Owensboro National Bank

REED, Judge.

Under the case law existing in this jurisdiction until the decision in Bowles v. Stille’s Ex’r et al., Ky., 267 S.W.2d 707, 44 A.L.R.2d 1273, rendered April 23, 1954, corporate stock dividends declared after the death of a testator who had bequeathed the original corporate stock in trust were considered as income, distributable to the life tenant or beneficiary of the trust entitled to the receipt of income. By statute [KRS 386.020(4)] effective June, 1950, it was provided that stock dividends payable at a rate of 10% or more of the corporation’s outstanding shares of the same…