Indiana Code 6-4.1-6-1. Mortality standards and actuarial tables; valuation of future interests
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Sec. 1. (a) For purposes of this article, the department of state revenue shall, if possible, appraise each future, contingent, defeasible, or life interest in property and each annuity by using the rules, methods, standards of mortality, and actuarial tables used by the Internal Revenue Service on October 1, 1988, for federal estate tax purposes.
(1) the total value of the property; minus
(b) Except as otherwise provided in this chapter, the value of a future interest in specific property equals the remainder of:
Terms Used In Indiana Code 6-4.1-6-1
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Property: includes personal and real property. See Indiana Code 1-1-4-5
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
(2) the value of all other interests in the property.
(c) Unless otherwise provided by the transferor, the inheritance tax imposed on the transfer of each of the interests is payable from the property in which the interests exist.
As added by Acts 1976, P.L.18, SEC.1. Amended by P.L.95-1989, SEC.1; P.L.190-2016, SEC.15.