Indiana Code Title 6. Taxation § 6-3-1-41

(1) Not less than ninety percent (90%) of the partnership's cost of its total assets consists of qualifying investment securities, deposits at banks or other financial institutions, and office space and equipment reasonably necessary to carry on its activities as an investment partnership.

(2) Not less than ninety percent (90%) of the partnership's gross income consists of interest, dividends, gains from the sale or exchange of qualifying investment securities, and the distributive share of partnership income from lower-tier partnership interests meeting the definition of qualifying investment security.  For purposes of this subdivision, gross income does not include income from partnerships that are operating at a federal taxable loss.  For purposes of this subdivision, a partnership shall be treated as meeting the percentage test set forth in this subdivision if the partnership met the percentage test in three (3) of the five (5) most recent taxable years, including the current taxable year.

(3) The partnership is not a dealer in qualifying investment securities.