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140.060 Exemption of transfers to educational, religious and charitable institutions, and to cities and public institutions.

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140.060 Exemption of transfers to educational, religious and charitable institutions, and to cities and public institutions. All transfers to educational, religious or other institutions, societies, or associations, <br>whose sole object and purpose are to carry on charitable, educational, or religious work, <br>all transfers for or upon trust for any charitable, educational, or religious purpose, and all <br>transfers to cities, and towns or public institutions in this state for public purposes shall <br>be exempt from the tax imposed by this chapter. But no such corporation or association <br>shall be entitled to such exemption if any officer, member, stockholder or employee <br>thereof shall receive or may be lawfully entitled to receive any pecuniary profit from the <br>operations thereof, except reasonable compensation for services in effecting one or more <br>of such purposes or as proper beneficiary of its strictly charitable purpose; or if the <br>organization thereof, for any such avowed purpose, be a guise or pretense for directly or <br>indirectly making any other pecuniary profit for such corporation or association, or for <br>any of its members or employees, or if it be not in good faith organized or conducted <br>exclusively for one or more of such purposes. Effective: June 17, 1954 <br>History: Amended 1954 Ky. Acts ch. 55, sec. 1, effective June 17, 1954. -- Amended 1942 Ky. Acts ch. 204, sec. 3. -- Recodified 1942 Ky. Acts ch. 208, sec. 1, effective <br>October 1, 1942, from Ky. Stat. sec. 4281a-18.