Contingent or defeasible future interests; appraisal
Sec. 6. (a) If proceedings have not been instituted under this
chapter to determine the inheritance tax imposed on the decedent's
transfer of a contingent or defeasible future interest in property or if
the tax imposed on such a transfer is postponed under subsection (b)
of this section, the county inheritance tax appraiser or the department
of state revenue shall, notwithstanding the provisions of IC 6-4.1-5,
appraise the property interest at its fair market value when the
transferee of the interest obtains the beneficial enjoyment or
possession of the property.
(b) The inheritance tax imposed on the decedent's transfer of a
contingent or defeasible interest in property accrues and is due when
the transferee of the interest obtains the beneficial enjoyment or
possession of the property if the fair market value of the property
interest as of the appraisal date prescribed by IC 6-4.1-5-1.5 cannot
otherwise be ascertained under this chapter.
As added by Acts 1976, P.L.18, SEC.1. Amended by Acts 1980,
P.L.57, SEC.18.
Last modified: May 28, 2006