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6-1.1-10-41. Exempt property purchased under contract of sale by person not qualifying for exemption

IN Code § 6-1.1-10-41 (2019) (N/A)
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Sec. 41. (a) This section does not apply to a contract described in section 5.5 of this chapter.

(b) If real or personal property that is exempt from taxation under section 2 or 4 of this chapter:

(1) is being purchased under a contract of sale by another person:

(A) whose real or personal property is not exempt from taxation; and

(B) who is not engaged in an exempt purpose with the real or personal property; and

(2) the contract of sale does not make the real or personal property taxable;

the real or personal property shall be assessed and taxed as if the real or personal property were owned by the purchaser or the purchaser's assignee.

As added by P.L.31-1994, SEC.1.

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