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Indiana Code 6-3.1-34-5. “Placed in service”

Current as of: 2023 | Check for updates | Other versions

Terms Used In Indiana Code 6-3.1-34-5

  • floor space: means the usable interior floor space of a building. See Indiana Code 6-3.1-34-3
  • placed in service: means that property is placed in a condition or state of readiness and available to be occupied. See Indiana Code 6-3.1-34-5
  • Property: includes personal and real property. See Indiana Code 1-1-4-5
  • qualified redevelopment site: means a vacant or underutilized property in Indiana as determined by the corporation. See Indiana Code 6-3.1-34-6
   Sec. 5. As used in this chapter, “placed in service” means that property is placed in a condition or state of readiness and available to be occupied. In the case of a qualified redevelopment site comprised of a complex of buildings, the entire qualified redevelopment site shall be considered to have been placed in service on the date that a building was placed in service if the building has floor space that, when aggregated with the floor space of all buildings in the complex placed in service on earlier dates, exceeds fifty percent (50%) of the total floor space of all buildings in the complex.

As added by P.L.158-2019, SEC.29.

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Indiana Code 6-3-1-34.5. “Captive real estate investment trust”

Current as of: 2023 | Check for updates | Other versions
   Sec. 34.5. (a) Except as provided in subsection (b), “captive real estate investment trust” means a corporation, a trust, or an association:

(1) that is considered a real estate investment trust for the taxable year under Section 856 of the Internal Revenue Code;

Terms Used In Indiana Code 6-3-1-34.5

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • corporation: includes all corporations, associations, real estate investment trusts (as defined in the Internal Revenue Code), joint stock companies, whether organized for profit or not-for-profit, any receiver, trustee or conservator thereof, business trusts, Massachusetts trusts, any proprietorship or partnership taxable under Section 1361 of the Internal Revenue Code, and any publicly traded partnership that is treated as a corporation for federal income tax purposes under Section 7704 of the Internal Revenue Code. See Indiana Code 6-3-1-10
  • 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
  • United States: includes the District of Columbia and the commonwealths, possessions, states in free association with the United States, and the territories. See Indiana Code 1-1-4-5
  • Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
(2) that is not regularly traded on an established securities market; and

(3) in which more than fifty percent (50%) of the:

(A) voting power;

(B) beneficial interests; or

(C) shares;

are owned or controlled, directly or constructively, by a single entity that is subject to Subchapter C of Chapter 1 of the Internal Revenue Code.

     (b) The term does not include a corporation, a trust, or an association in which more than fifty percent (50%) of the entity’s voting power, beneficial interests, or shares are owned by a single entity described in subsection (a)(3) that is owned or controlled, directly or constructively, by:

(1) a corporation, a trust, or an association that is considered a real estate investment trust under Section 856 of the Internal Revenue Code;

(2) a person exempt from taxation under Section 501 of the Internal Revenue Code;

(3) a listed property trust or other foreign real estate investment trust that is organized in a country that has a tax treaty with the United States Treasury Department governing the tax treatment of these trusts; or

(4) a real estate investment trust that:

(A) is intended to become regularly traded on an established securities market; and

(B) satisfies the requirements of Section 856(a)(5) and Section 856(a)(6) of the Internal Revenue Code under Section 856(h) of the Internal Revenue Code.

     (c) For purposes of this section, the constructive ownership rules of Section 318 of the Internal Revenue Code, as modified by Section 856(d)(5) of the Internal Revenue Code, apply to the determination of the ownership of stock, assets, or net profits of any person.

As added by P.L.211-2007, SEC.20. Amended by P.L.182-2009(ss), SEC.189.

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