Kentucky Revised Statutes Title XI. Revenue and Taxation § 136.010.Definitions for chapter, except KRS 136.500 to 136.575

(1) “Real property” includes all lands within this state and improvements thereon.

(2) “Personal property” includes every species and character of property, tangible and intangible, other than real property.

(3) “Tax exempt United States obligations” shall include all obligations of the United States exempt from taxation under 31 USC Section 3124(a) or exempt under the United States Constitution or any federal statute including the obligations of any instrumentality or agency of the United States which are exempt from state or local taxation under the United States Constitution or any statute of the United States.

(4) “Out-of-state business property” means all real and personal property having a taxable situs outside this state owned by a corporation for use in the active conduct of a trade or business.