Sec. 32. Tangible property is exempt from property taxation if it:
(1) is under the control of an executor;
(2) is to pass, under the terms of a will, to a municipal corporation or to a literary, scientific, benevolent, religious, or charitable institution; and
(3) would be exempt from property taxation if it had already been distributed to the devisee or legatee.
[Pre-1975 Property Tax Recodification Citation: 6-1-1-2(10).]
Formerly: Acts 1975, P.L.47, SEC.1.