Ind. Code § 23-1-28-5

Current through P.L. 171-2024

Section 23-1-28-5 - Measuring effect of distribution; date

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.

IC 23-1-28-5

As added by P.L. 149-1986, SEC.12.