Indiana Code 23-17-2-10. “Distribution”
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Sec. 10. (a) “Distribution” means a direct or an indirect transfer of money or other property or incurrence or transfer of indebtedness by a corporation to or for the benefit of a person.
(c) The term does not include payment of reasonable value for property received or services performed or payment of reasonable benefits in furtherance of the corporation’s purposes.
(b) The term includes a dividend and a purchase, redemption, or other acquisition of memberships.
Terms Used In Indiana Code 23-17-2-10
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Property: includes personal and real property. See Indiana Code 1-1-4-5
As added by P.L.179-1991, SEC.1.