Tangible property is exempt from property taxation if it:

1. (1) is under the control of an executor;
2. (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. (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.