Property transfers of resident decedent
Sec. 2. (a) The inheritance tax applies to a property interest
transfer made by a resident decedent if the interest transferred is in:
(1) real property located in this state;
(2) tangible personal property which does not have an actual
situs outside this state; or
(3) intangible personal property regardless of where it is
located.
(b) The inheritance tax does not apply to a property interest
transfer made by a resident decedent if the interest transferred is in:
(1) real property located outside this state, regardless of whether
the property is held in a trust or whether the trustee is required
to distribute the property in-kind; or
(2) real property located in this state, if:
(A) the real property was transferred to an irrevocable trust
during the decedent's lifetime;
(B) the transfer to the trust was not made in contemplation
of the transferor's death, as determined under IC 6-4.1-2-4;
and
(C) the decedent does not have a retained interest in the
trust.
As added by Acts 1976, P.L.18, SEC.1. Amended by P.L.78-1993,
SEC.1.
Last modified: May 28, 2006