Kentucky Department of Revenue v. Hobart Manufacturing Co.

LUKOWSKY, Justice.

This is an appeal from a summary judgment entered by the Montgomery Circuit Court which held that Hobart’s leasehold interest in real estate was intangible personal property and that the intangible personal property of a foreign corporation is not subject to taxation in Kentucky. We reverse.

This is the second time that this case has been before us. Its first visit was in Hobart Manufacturing Co. v. Kentucky Board of Tax Appeals, Ky., 515 S.W.2d 232 (1974), in which we remanded the case to the Montgomery Circuit Court with directions to cause an appropriate assessment of the…