Kentucky Department of Revenue v. Bomar

STEINFELD, Chief Justice.

The question to be decided in this litigation is whether the appellee Mrs. Boise S. Bomar is liable to Kentucky for ad valo-rem taxes on the corpus of a trust located in Georgia. The circuit court held that she was not liable, but we reverse.

In 1939 Mrs. Bomar, a Kentucky resident, entered into a trust agreement with an Atlanta, Georgia bank pursuant to which she delivered to the bank as trustee intangibles, principally common stocks, to manage for her. She retained the right to control all purchases and sales which the trustee might make and to amend or revoke the…