KRS 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,

whose sole object and purpose are to carry on charitable, educational, or religious work,

all transfers for or upon trust for any charitable, educational, or religious purpose, and all

transfers to cities, and towns or public institutions in this state for public purposes shall

be exempt from the t ax imposed by this chapter. But no such corporation or association

shall be entitled to such exemption if any officer, member, stockholder or employee

thereof shall receive or may be lawfully entitled to receive any pecuniary profit from the

operations thereof, except reasonable compensation for services in effecting one or more

of such purposes or as proper beneficiary of its strictly charitable purpose; or if the

organization thereof, for any such avowed purpose, be a guise or pretense for directly or

indirectly making any other pecuniary profit for such corporation or association, or for

any of its members or employees, or if it be not in good faith organized or conducted

exclusively for one or more of such purposes.