Amount of transfer tax
Sec. 8. (a) The transfer tax is the amount determined in the
following formula:
STEP ONE: Divide:
(A) the value of the transferred property that is legally
located in Indiana; by
(B) the total value of the transferred property.
STEP TWO: Multiply:
(A) the quotient determined under STEP ONE; by
(B) the federal generation-skipping transfer tax credit.
STEP THREE: Determine the remainder of:
(A) the federal generation-skipping transfer tax credit; minus
(B) the generation-skipping transfer taxes paid to states other
than Indiana.
STEP FOUR: Determine the greater of:
(A) the STEP TWO amount; or
(B) the STEP THREE amount.
(b) For purposes of this section, the value of the transferred
property equals the final value of the property determined for federal
generation-skipping transfer tax purposes.
As added by P.L.67-1991, SEC.1.
Last modified: May 28, 2006