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Indiana Code Title 6. Taxation § 6-3-2.1-2

Current as of January 02, 2024 | Updated by Findlaw Staff

<P.L.194-2023, Sec.19, amended this section retroactively, effective January 1, 2022. The retroactive amendment was incorporated into the May 4, 2023, version of this section. >

Sec. 2. The following definitions apply throughout this chapter:

(1) “Electing entity” means a pass through entity described in IC 6-3-1-35 that is subject to Subchapter K or Subchapter S of the Internal Revenue Code and makes the election under this chapter.

(2) “Entity owner” means the direct or indirect owners of an electing entity that are ultimately taxable on the entity's income under Subchapter K or Subchapter S of the Internal Revenue Code, except an owner described in subdivision (4)(A) through (4)(C).

(3) “Nonresident” means:

(A) a nonresident partner as defined by IC 6-3-4-12(n);

(B) a nonresident shareholder as defined by IC 6-3-4-13(n);

(C) a nonresident beneficiary as defined by IC 6-3-4-15(i);  or

(D) in the case of a shareholder of a corporation described in IC 6-3-2-2.8(2), a corporation described in Section 501(c)(3) of the Internal Revenue Code that is exempt from taxation under Section 501(a) of the Internal Revenue Code and that is not domiciled in Indiana;

whichever is applicable.

(4) “Owner” means a direct or indirect owner of an electing entity and includes a beneficiary of an estate or trust.  However an owner shall not include:

(A) an entity described in IC 6-3-2-2.8(3) that is not a partnership, a trust, or a corporation described in IC 6-3-2-2.8(2);

(B) an entity described in IC 6-3-2-2.8(5);  or

(C) any other entity as determined by the department and listed in instructions or guidance issued by the department.

(5) “Resident” means a partner, shareholder, or beneficiary:

(A) that, in the case of an individual, estate, or trust, is a resident of Indiana as defined in IC 6-3-1-12;  or

(B) that is a partnership or corporation, including a corporation described in IC 6-3-2-2.8(1) or IC 6-3-2-2.8(2), that is domiciled in Indiana.

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Cite this article: FindLaw.com - Indiana Code Title 6. Taxation § 6-3-2.1-2 - last updated January 02, 2024 | https://codes.findlaw.com/in/title-6-taxation/in-code-sect-6-3-2-1-2/

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