Sec. 5. 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.
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