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

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.