Indiana Code — Title 6 (Taxation)
IC 6-4.1-6-6
Contingent or defeasible future interests; appraisal
Sec. 6.
# (a)
If proceedings have not been instituted under this chapter to determine the inheritance tax imposed on the decedent's transfer of a contingent or defeasible future interest in property or if the tax imposed on such a transfer is postponed under subsection (b), the department of state revenue shall, notwithstanding the provisions of IC 6-4.1-5, appraise the property interest at its fair market value when the transferee of the interest obtains the beneficial enjoyment or possession of the property.
# (b)
The inheritance tax imposed on the decedent's transfer of a contingent or defeasible interest in property accrues and is due when the transferee of the interest obtains the beneficial enjoyment or possession of the property if the fair market value of the property interest as of the appraisal date prescribed by IC 6-4.1-5-1.5 cannot otherwise be ascertained under this chapter.
As added by Acts 1976, P.L.18, SEC.1. Amended by Acts 1980, P.L.57, SEC.18;
P.L.190-2016, SEC.18.
Amendment history
As added by Acts 1976, P.L.18, SEC.1. Amended by Acts 1980, P.L.57, SEC.18; P.L.190-2016, SEC.18.
Source: view the official text
Nearby sections (25 sections)
- 6-4.1-5-12 · Repealed
- 6-4.1-5-13 · Appointment of temporary guardian
- 6-4.1-5-14 · Appraisal and determination of tax due on nonresident
- 6-4.1-5-15 · Orders with respect to nonresident decedent's estate;…
- 6-4.1-5-16 · Notice of taxes due upon nonresident decedent's estate
- 6-4.1-5-17 · Transfers by will; property not specifically bequeathed or
- 6-4.1-6-0.5 · Applicability
- 6-4.1-6-1 · Mortality standards and actuarial tables; valuation of…
- 6-4.1-6-2 · Property interests that may be divested
- 6-4.1-6-3 · Agreements with department for computing taxes
- 6-4.1-6-4 · Determinations of the manner in which property probably will
- 6-4.1-6-5 · Appraisal of limited, contingent, dependent, or determinable
- 6-4.1-6-6 · Contingent or defeasible future interests; appraisal
- 6-4.1-7-0.1 · Repealed
- 6-4.1-7-0.5 · Applicability
- 6-4.1-7-1 · Rehearing
- 6-4.1-7-2 · Reappraisal; petition; time of filing
- 6-4.1-7-3 · Appointment of reappraiser; powers; compensation
- 6-4.1-7-4 · Report or reappraisal; redetermination of taxes; filing of
- 6-4.1-7-5 · Non-resident decedent's property; appeal of department
- 6-4.1-7-6 · Probate court determination of tax due as provisional…
- 6-4.1-7-6.5 · Probate court review of an inheritance tax determination…
- 6-4.1-7-7 · Redetermination of inheritance tax; appeal
- 6-4.1-8-0.1 · Repealed
- 6-4.1-8-0.5 · Applicability