Version b
"Personal property" defined
Note: This version of section effective 1-1-2006. See also
preceding version of this section, effective until 1-1-2006.
Sec. 11. (a) Subject to the limitation contained in subsection (b),
"personal property" means:
(1) nursery stock that has been severed from the ground;
(2) florists' stock of growing crops which are ready for sale as
pot plants on benches;
(3) billboards and other advertising devices which are located
on real property that is not owned by the owner of the devices;
(4) motor vehicles, mobile houses, airplanes, boats not subject
to the boat excise tax under IC 6-6-11, and trailers not subject
to the trailer tax under IC 6-6-5;
(5) foundations (other than foundations which support a
building or structure) on which machinery or equipment is
installed; and
(6) all other tangible property (other than real property) which
is being:
(A) held for sale in the ordinary course of a trade or
business;
(B) held, used, or consumed in connection with the
production of income; or
(C) held as an investment.
(b) Personal property does not include the following:
(1) Commercially planted and growing crops while they are in
the ground.
(2) Computer application software that is not held as inventory
(as defined in IC 6-1.1-3-11).
(Formerly: Acts 1975, P.L.47, SEC.1.) As amended by P.L.41-1984,
SEC.1; P.L.98-1989, SEC.3; P.L.214-2005, SEC.10.
Last modified: May 28, 2006