141.150 Reports of income payments to others.

375 words·~2 min read·/ky/chapter-141/141-150

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(1)Every corporation subject to the jurisdiction of this state, unless excused by the

department, shall render a correct report of its payments of dividends to residents of

this state, stating the name and address of each shareholder, the number of shares

owned by him, and the amount of dividends paid to him.

(2)Every person subject to the jurisdiction of this state, in whatever capacity acting,

including lessees or mortgagors of real or personal property, fiduciaries and

employers, making payment to another person, domiciled in this state, of interest,

rent, premiums, annuities, compensations, remunerations, emoluments or other

fixed or determinable gains, profits and income not subject to withholding

provisions contained in KRS 141.310 of six hundred dollars ($600) or more in any

taxable year, shall render a true and accurate report to the department of the

payments made. Every person subject to the jurisdiction of this state, in whatever

capacity acting, making payment of wages to another person domiciled in this state,

shall render a true and accurate report to the department of the payments made. In

the case of such payments made by the state and its political subdivisions, the

officers or employees having information as to such payments designated by the

department by the regulations hereinafter provided for shall make such reports. The

reports shall be made under the regulations and in the form and manner and to the

extent prescribed by the department, and shall set forth the amount of the gains,

wages, profits and income, and the name and address of the recipient of the

payments. The department may also require any person to make information reports

respecting nonresidents it believes to be subject to income tax.

(3)The reports contemplated by this section may be required, regardless of amounts, in

the case of payments of dividends or interest upon bonds, mortgages, deeds of trust

or other similar obligations of corporations. When necessary to make effective the

provisions of this section, the name and address of the recipient of the income shall

be furnished upon demand of the person paying the income. The provisions of this

section shall not apply to the payment of interest on obligations of the United States

or of this state, or the political subdivisions thereof.