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91.640 Value of capital, how determined.
(1)
(2)
(3)
Each company or individual subject to assessment under KRS 91.620 or
91.630 shall, between September 1 and October 1 each year, make and
deliver to the city assessor a statement verified by its president, cashier,
secretary, treasurer, manager, or other chief officer or agent, in such form as
the city assessor prescribes, showing the following facts:
(a) The name and principal place of business of the company or individual.
(b) The kind of business engaged in.
(c) The amount of capital stock, preferred and common, and the number of
shares of each.
(d) The amount of stock paid up, and the par and real value thereof.
(e) The highest price at which its stock was sold at a bona fide sale within
twelve (12) months next before September 1 of the year in which the
statement is required to be made.
(f) The amount of surplus funds and undivided profits, and the value of all
other assets.
(g) The total amount of indebtedness as principal.
(h) The amount of gross and net earnings or income, including interest on
investments and income from all other sources, for twelve (12) months
next preceding September 1 of the year in which the statement is
required.
(i) The amount and kind of tangible property, and where situated, assessed
or liable to assessment, and its fair cash value, estimated at the price it
would bring at a fair voluntary sale.
(j) Such other facts as the city assessor requires.
If the company or individual does business outside the city as well as in the
city, the statement shall show, in addition to the facts required by subsection
(1) of this section, the gross and net income or earnings received on business
done in the city, and the entire gross receipts of the company or individual on
business done in the city and elsewhere, during the twelve (12) months next
before September 1 of the year in which the assessment is required to be
made. In cases where any of the facts required by this subsection cannot be
given correctly, or where they will not afford any valuable information in
determining the value of the capital stock to be assessed, the city assessor
may excuse the officer from giving such information.
From the statement required by this section and from other evidence he may
have, the city assessor shall fix the value of the capital stock of the company or
individual, and from the amount so fixed shall deduct the assessed value of all
his or its tangible property. The remainder shall be the value of the capital
stock subject to city taxation, if the company or individual does business
entirely within the city. If the company or individual does business outside the
city as well as in the city, the city assessor shall, after fixing the value of the
entire capital stock, determine the proportion which the gross receipts from
business done in the city within the twelve (12) months next before September
1 of the year in which the assessment is made bears to the entire gross
receipts within the same twelve (12) months. The same proportion of the value
of the entire capital stock, less the assessed value of all the tangible property
of the company or individual assessed or liable to assessment, shall be the
value of the capital stock subject to city taxation.
Effective:October 1, 1942
History: Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from
Ky. Stat. secs. 2984a-2, 2984a-3, 2984a-4.
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