Joint ownership with rights of survivorship
Sec. 5. If property is held by two (2) or more individuals jointly
with rights of survivorship, the exercise of the rights of the surviving
joint owner or owners to the immediate ownership or possession and
enjoyment of the property upon the death of one (1) of the joint
owners is a transfer to which the inheritance tax applies. The value
of the property so transferred equals the remainder of (1) the total
value of the jointly held property, minus (2) the value of that portion
of the jointly held property which the surviving joint owner or
owners prove belonged to him or them.
As added by Acts 1976, P.L.18, SEC.1. Amended by Acts 1982,
P.L.56, SEC.1.
Last modified: May 28, 2006