Kentucky Power Co. v. Revenue Cabinet

WINTERSHEIMER, Justice.

This appeal is from a decision of the Court of Appeals which reversed and remanded a Franklin Circuit Court order which had reversed a Board of Tax Appeals order which held that Kentucky Power Company’s right to dispose of property owned by its sister corporation, Franklin Real Estate Company, was intangible property subject to tax under KRS 132.020(1).

The principle issue is whether both corporate taxpayers are liable for taxes when one holds legal title to real property and the other has the equitable right to dispose of the same real estate.

Kentucky Power Company, a…