Time of imposition; transfers subject to tax
Sec. 1. (a) An inheritance tax is imposed at the time of a
decedent's death on certain property interest transfers made by him.
The transfer of a property interest is subject to the tax if:
(1) the property transferred is described in:
(i) section 2 of this chapter if the property is transferred by a
resident decedent; or
(ii) section 3 of this chapter if the property is transferred by a
non-resident decedent;
(2) the transfer is described in section 4 of this chapter; and
(3) neither the transfer nor the property is exempt from the
inheritance tax under IC 6-4.1-3.
(b) For purposes of this article, a transfer described in section 4
of this chapter is considered a transfer made by the deceased
transferor regardless of when the transferee acquires the property
interest.
As added by Acts 1976, P.L.18, SEC.1.
Last modified: May 28, 2006