115 Ky. 665 | Ky. Ct. App. | 1903
Opinion op the court by
Affirming.
Jennie (Jane) Gray, of the county of Boyle, devised the residuum of her estate, after certain specific bequests, in trust; the interest to be applied annually to the schooling of four poor children to be selected by the trustee. The fund was not a large one — probably five or six thousand dollars in the aggregate. Since her death, in 1858, it has been applied as directed. The trustee invested all but a thousand dollars of it in national bank stock. This proceeding was instituted by the auditor’s agent to require the listing of this fund for taxation for all the years since 1885, and for the penalties provided by statute for failure to list property by the person chargeable with that duty. The county court required the property to be listed. The circuit court reversed that judgment, and the matter is here on appeal for review.
Section 170 of the Constitution provides that “there shall be exempt from taxation . . . institutions of education not used or employed for gain by any person or corporation and_the income of which is devoted solely to the cause of education.” If this fund is exempted from taxation, it is because it is included in the provision above quoted. But appellant contends that it is not sa embraced.
It follows that the judgment of the circuit court should be affirmed.