Fair market value; appraisal date
Sec. 1.5. (a) For purposes of determining the fair market value of
each property interest transferred by a decedent, the appraisal date
for the property interest is the date used to value the property interest
for federal estate tax purposes. However, if no federal estate tax
return is filed for the decedent's estate, the appraisal date for each
property interest transferred by the decedent is the date of the
decedent's death.
(b) The finally determined federal estate tax value of a property
interest is presumed to be the fair market value of the property
interest for Indiana inheritance tax purposes, unless the federal estate
tax value is determined under Section 2032A of the Internal Revenue
Code. However, the presumption is rebuttable. A property interest
that is valued for federal estate tax purposes under Section 2032A of
the Internal Revenue Code shall be valued for Indiana inheritance tax
purposes at its fair market value on the appraisal date prescribed by
subsection (a).
As added by Acts 1980, P.L.57, SEC.13.
Last modified: May 28, 2006