Section 146.040

Title X TAXATION AND REVENUE

Chapter 146

Effective - 28 Aug 1945   

  146.040.  Taxable situs of intangible personal property — how determined when title divided. — 1.  Intangible personal property shall be deemed to have a taxable situs in this state for the purpose of being subject to a property tax for the year 1947 and each succeeding year, where, at any time during the calendar year preceding the year for which the property is subject to said tax, the legal title thereto is owned by a person domiciled in this state, or by a domestic corporation, or where said intangible property acquires a business situs in this state when the legal title thereto is owned by a person not domiciled in this state, or by a foreign corporation.

  2.  In all cases where both the persons holding or owning the legal title and the equitable title or beneficial interest in the same property are domiciled in this state, only the holder of the legal title shall be liable for such tax.  In all cases where the legal title is not held in this state the person holding the equitable title or beneficial interest shall be liable for the tax.  Intangible personal property the legal title to which is held or owned by a person domiciled in this state in the fiduciary capacity by virtue of conveyance or disposition of a nonresident person shall not be deemed to have a situs in this state solely because of the fiduciary title thereto.

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(L. 1945 p. 1914 § 6)