Sec. 5. If a probate court files an application with the department of state revenue asking the department to appraise a property interest which is limited, contingent, dependent, or determinable upon a life in being, including but not limited to a life or remainder interest, the department shall, if possible, appraise the property interest. The department shall base its appraisal on the facts stated by the court in the application, and the department shall certify its appraisal in duplicate to the court. The department's certification is competent evidence that the appraisal is correct.
As added by Acts 1976, P.L.18, SEC.1.
Structure Indiana Code
Chapter 6. Special Procedures for Appraising and Taxing Certain Property Interests
6-4.1-6-1. Mortality Standards and Actuarial Tables; Valuation of Future Interests
6-4.1-6-2. Property Interests That May Be Divested
6-4.1-6-3. Agreements With Department for Computing Taxes
6-4.1-6-4. Determinations of the Manner in Which Property Probably Will Be Distributed
6-4.1-6-5. Appraisal of Limited, Contingent, Dependent, or Determinable Interests
6-4.1-6-6. Contingent or Defeasible Future Interests; Appraisal