KRS 91.640: Value of capital, how determined.

(1) 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 f air cash value, estimated at the price it would

bring at a fair voluntary sale.

(j) Such other facts as the city assessor requires.

(2) If the company or individual does business outside the city as well as in the city, the

statement shall show, in addit ion 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 twelv e (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 t he value of the capital stock to be

assessed, the city assessor may excuse the officer from giving such information.

(3) 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 ass essed 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.