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.

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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
     (b) The term includes a dividend and a purchase, redemption, or other acquisition of memberships.

     (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.

As added by P.L.179-1991, SEC.1.

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