This text of Indiana § 6-4.1-4-0.5 (Inheritance tax return not required; affidavits; liens) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
5.
(a)No inheritance tax return is required
under this chapter unless the total fair market value of the property
interests transferred by the decedent to a transferee under a taxable
transfer or transfers exceeds the exemption provided to the transferee
under IC 6-4.1-3-10 through IC 6-4.1-3-12 (before the repeal of IC 6-4.1-3). For purposes of this section, the fair market value of a
property interest is its fair market value as of the appraisal date
prescribed by IC 6-4.1-5-1.5.
(b)An affidavit may be used to state that no inheritance tax is due
after applying the exemptions under IC 6-4.1-3 (before its repeal). The
affidavit must contain the following information:
(1)The decedent's name and date of death.
(2)The name of each known transferee and the transferee's
relationship to the
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5. (a) No inheritance tax return is required
under this chapter unless the total fair market value of the property
interests transferred by the decedent to a transferee under a taxable
transfer or transfers exceeds the exemption provided to the transferee
under IC 6-4.1-3-10 through IC 6-4.1-3-12 (before the repeal of IC 6-4.1-3). For purposes of this section, the fair market value of a
property interest is its fair market value as of the appraisal date
prescribed by IC 6-4.1-5-1.5.
(b) An affidavit may be used to state that no inheritance tax is due
after applying the exemptions under IC 6-4.1-3 (before its repeal). The
affidavit must contain the following information:
(1) The decedent's name and date of death.
(2) The name of each known transferee and the transferee's
relationship to the decedent.
(3) The total value of property transferred to each known
transferee as a result of the decedent's death.
(4) A statement that the total value of property transferred to each
known transferee as a result of the decedent's death is less than
the amount of the exemption provided to the transferee under IC 6-4.1-3 (before its repeal).
(c) An affidavit described in subsection (b) may be:
(1) recorded in the office of the county recorder if the affidavit
concerns real property and includes the legal description of the
real property in the decedent's estate; or
(2) submitted as required by IC 6-4.1-8-4 if the affidavit concerns
personal property.
If consent by the department of state revenue or the appropriate county
assessor is required under IC 6-4.1-8-4 for the transfer of personal
property, the affidavit must be submitted with a request for a consent
to transfer under IC 6-4.1-8-4.
(d) If consent by the department of state revenue or the appropriate
county assessor is required under IC 6-4.1-8-4 before personal property
may be transferred and the department of state revenue or the
appropriate county assessor consents to a transfer of personal property
under IC 6-4.1-8-4 after considering an affidavit described in
subsection (b), the full value of the personal property may be
transferred.
(e) The department of state revenue or the appropriate county
assessor may rely upon an affidavit described in subsection (b) to
determine that a transfer will not jeopardize the collection of
inheritance tax for purposes of IC 6-4.1-8-4(e).
(f) It is presumed that no inheritance tax is due and that no
inheritance tax return is required if an affidavit described in subsection
(b) was:
(1) properly executed; and
(2) recorded in the decedent's county of residence or submitted
under IC 6-4.1-8-4.
(g) Except as provided in subsection (i), a lien attached under IC 6-4.1-8-1 to the real property owned by a decedent terminates when an
affidavit described in subsection (b) is:
(1) properly executed; and
(2) recorded in the county in which the real property is located.
(h) Except as provided in subsection (i), a lien attached under IC 6-4.1-8-1 to personal property that is owned by the decedent terminates
when:
(1) an affidavit described in subsection (b) is properly executed;
(2) the affidavit described in subsection (b) is submitted to the
department of state revenue or the appropriate county assessor in
conformity with IC 6-4.1-8-4; and
(3) the department of state revenue or the appropriate county
assessor consents to the transfer.
However, subdivision (3) does not apply if consent of the department
of state revenue or the appropriate county assessor is not required
under IC 6-4.1-8-4 before the property may be transferred.
(i) A lien terminated under subsection (g) or (h) is reattached to the
property under IC 6-4.1-8-1 if the department of state revenue obtains
an order that an inheritance tax is owed.
As added by Acts 1977(ss), P.L.6, SEC.4. Amended by Acts
1979, P.L.75, SEC.9; Acts 1980, P.L.57, SEC.8; P.L.87-1983, SEC.4;
P.L.252-2001, SEC.1; P.L.6-2010, SEC.1; P.L.79-2017,
SEC.16.