Items deductible from value of property interests transferred by
resident decedent other than by will, intestate succession, or under
trust
Sec. 14. (a) Except as provided in subsection (b), the following
items, and no others, may be deducted from the value of property
interests which are transferred by a resident decedent but which are
not transferred by the decedent's will, under the laws of intestate
succession, or under a trust:
(1) Those taxes described in section 13(b)(5) of this chapter.
(2) Liens against the property interests that are transferred.
(3) The decedent's debts, funeral expenses, and estate
administration expenses, including reasonable attorney's fees
incurred in filing the inheritance tax return.
(b) In addition, any portion of the deduction provided by section
13(b)(10) of this chapter which is not needed to reduce to zero (0)
the value of the property referred to in section 13 of this chapter may
be deducted from the value of any other propety transferred by the
resident decedent to the decedent's children who are entitled to the
allowance provided by IC 29-1-4-1. If more than one (1) of the
decedent's children are entitled to the allowance, the deduction
provided by this subsection shall be divided equally among all the
decedent's children who are entitled to the allowance.
As added by Acts 1976, P.L.18, SEC.1. Amended by Acts 1976,
P.L.20, SEC.2; Acts 1979, P.L.75, SEC.8; Acts 1980, P.L.57, SEC.7;
P.L.94-1989, SEC.1.
Last modified: May 28, 2006