Kentucky Tax Commission v. Airlene Gas Co.

MOREMEN, Chief Justice.

The above-styled cases have been consolidated. They present a controversy between the Kentucky Tax Commission and the appellee corporations which arose after the corporations reported in certain years their accounts receivable for ad val-orem tax purposes at a lower valuation than the accounts were reported for corporate income tax purposes.

KRS 132.240 provides that corporations listing property for taxation with the county tax commissioner shall reveal the face value of all intangibles listed, with certain exceptions not here involved. The tax forms usually indicate…