§ 23-1.5-1-13 — "Qualified trust"

Indiana § 23-1.5-1-13

• Jurisdiction: Indiana
• Title 23: BUSINESS AND OTHER ASSOCIATIONS
• Art. 1.5: PROFESSIONAL CORPORATIONS
• Ch. 1: Definitions

Text

"Qualified trust" means one (1) of the
following:
(1) A trust of which the entire beneficial ownership is owned by
a qualified person and the trustee is a qualified person.
(2) A voting trust established under IC 23-1-31, if the beneficial
owner of any shares on deposit and the trustee of the voting trust
are qualified persons.
(3) A charitable remainder unitrust or charitable remainder
annuity trust that complies with each of the following conditions:
(A) Has one (1) or more current income recipients, all of whom
are qualified persons.
(B) Has a trustee or an independent special trustee who:
(i) is a qualified person; and
(ii) has exclusive authority over the shares of the professional
corporation while the shares are held in the trust.
(C) Has one (1) or more irrevocably designated charitable
remaindermen, all of which must at all times:
(i) be domiciled; or
(ii) maintain a local chapter;
in Indiana.
(D) When distributing any assets during the term of the trust to
charitable organizations, the distributions are made only to
charitable organizations described in Section 170(c) of the
Internal Revenue Code that:
(i) are domiciled; or
(ii) maintain a local chapter;
in Indiana.

Legislative History

As added by P.L.239-1983, SEC.1. Amended by P.L.149-1986, SEC.46; P.L.172-1996, SEC.4.