The effect of a distribution under section 3 of this chapter is measured:(1) in the case of distribution by purchase, redemption, or other acquisition of the corporation's shares, as of the earlier of:(A) the date money or other property is transferred or debt incurred by the corporation; or(B) the date the shareholder ceases to be a shareholder with respect to the acquired shares;(2) in the case of any other distribution of indebtedness, as of the date the indebtedness is distributed; and(3) in all other cases, as of:(A) the date the distribution is authorized if the payment occurs within one hundred twenty (120) days after the date of authorization; or(B) the date the payment is made if it occurs more than one hundred twenty (120) days after the date of authorization.As added by P.L.149-1986, SEC.12.
Indiana Legal Code