Skip to main content

Indiana Code Title 25. Professions and Occupations § 25-38-1-5

Welcome to FindLaw's Cases & Codes, a free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.

(Repealed by P.L.186-1990, SEC.17.)

Sec. 2.  As used in this act:

(a) “Controlling interest” means more than 80% of the total value of all classes of stock of a corporation;  more than 80% of the total interest in capital and profits of a partnership, association, limited liability company, or other unincorporated form of doing business;  or more than 80% of the beneficial interest in a trust.

(b) “Person” means an individual, partnership, corporation, limited liability company, association, governmental entity, or other legal entity.  If used in a penalty clause, person includes the partners or members of a firm, a partnership, or an association and the officers of a corporation.

(c) “Property” includes land, tenements, real estate, and real property and all rights to and interests in land, tenements, real estate, or real property.

(d) “Tax” means the state real estate transfer tax imposed under this act.

(e) “Transfer”, unless otherwise exempt under this act, means the conveyance of title to or other transfer of a present interest or beneficial interest or any other interest in real property by any method, including the interest in real property acquired through the acquisition of a controlling interest in any entity with an interest in the property.

(f) “Treasurer” means the state treasurer.

(g) “Value” means the current or fair market worth in terms of legal monetary exchange at the time of the transfer.  The tax shall be based on the value of the real property transferred and shall be collected at the time the instrument of conveyance is submitted for recording.  In the case of a controlling interest in any entity that owns real property, value shall mean the value of the real property or interest in the real property, apportioned based on the percentage of the ownership interest transferred or acquired in the entity.

Cite this article: - Indiana Code Title 25. Professions and Occupations § 25-38-1-5 - last updated June 08, 2021 |

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.

Was this helpful?

Thank you. Your response has been sent.

Copied to clipboard