Sec. 6. (a) If proceedings have not been instituted under this chapter to determine the inheritance tax imposed on the decedent's transfer of a contingent or defeasible future interest in property or if the tax imposed on such a transfer is postponed under subsection (b), the department of state revenue shall, notwithstanding the provisions of IC 6-4.1-5 , appraise the property interest at its fair market value when the transferee of the interest obtains the beneficial enjoyment or possession of the property. (b) The inheritance tax imposed on the decedent's transfer of a contingent or defeasible interest in property accrues and is due when the transferee of the interest obtains the beneficial enjoyment or possession of the property if the fair market value of the property interest as of the appraisal date prescribed by IC 6-4.1-5-1.5 cannot otherwise be ascertained under this chapter. IC 6-4.1-7 Chapter 7. Review of Inheritance Tax Appraisals and Tax Determinations 6-4.1-7-0.1 Repealed 6-4.1-7-0.5 Applicability 6-4.1-7-1 Rehearing 6-4.1-7-2 Reappraisal; petition; time of filing 6-4.1-7-3 Appointment of reappraiser; powers; compensation 6-4.1-7-4 Report or reappraisal; redetermination of taxes; filing of redetermination 6-4.1-7-5 Non-resident decedent's property; appeal of department determination; procedures 6-4.1-7-6 Probate court determination of tax due as provisional estimate; redetermination resulting from federal estate tax valuation 6-4.1-7-6.5 Probate court review of an inheritance tax determination or appraisal made by the department of state revenue 6-4.1-7-7 Redetermination of inheritance tax; appeal
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