In determining the net fair market value of each asset held in the trust under sections 16 and 17 of this chapter, the value of the following may not be included:(1) Any residential property or tangible personal property that, as of the first business day of the current valuation year, at least one (1) income beneficiary of the trust has or had the right to:(A) occupy; or(B) possess or control;other than in a capacity as trustee. However, the right of occupancy or the right to possession or control shall be considered to be the unitrust amount with respect to the residential property or the tangible personal property.(2) Any asset specifically given to a beneficiary under the terms of the trust and the return on that investment. The return on the investment shall be distributable to the beneficiary.(3) Any assets that are held in a testator's estate.As added by P.L.3-2003, SEC.2.
Indiana Legal Code