Terms Used In Delaware Code > Title 30 > Chapter 16 > Subchapter I - In General

• Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
• Beneficiary: has the meaning ascribed to it by common law, including, without limitation, any heir, devisee or legatee of an estate or beneficiary of a trust. See Delaware Code Title 30 Sec. 1601
• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Decedent: A deceased person.
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Director: means the Director of the Division of Revenue or the Secretary of Finance of the State. See Delaware Code Title 30 Sec. 502
• Distributive share: means , with respect to any member and with respect to any taxable year of such member:

  In the case of a pass-through entity that is classified as a partnership under the Internal Revenue Code, the distributive share of such member for such taxable year of the pass-through entity's income, gain, loss or deduction, or items thereof, as appropriate, determined under § 704 of the Internal Revenue Code [26 U. See Delaware Code Title 30 Sec. 1601

• Division of Revenue: means the Division of Revenue of the Department of Finance of the State. See Delaware Code Title 30 Sec. 502
• Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. ^{Source: OCC}
• Legatee: A beneficiary of a decedent
• Lien: A claim against real or personal property in satisfaction of a debt.
• member: means a person treated for federal income tax purposes as either a partner in a partnership or a shareholder of an S corporation, but does not include a beneficiary of an estate or trust. See Delaware Code Title 30 Sec. 1601
• Month: means a calendar month, unless otherwise expressed. See Delaware Code Title 1 Sec. 302
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Mortgagee: The person to whom property is mortgaged and who has loaned the money.
• Nonresident estate: means an estate which is not a resident estate. See Delaware Code Title 30 Sec. 1601
• Nonresident trust: means a trust that is not a resident trust of this State. See Delaware Code Title 30 Sec. 1601
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Pass-through entity: means any person:

  a. See Delaware Code Title 30 Sec. 1601

• Person: means and includes an individual, a trust, estate, partnership, association, company or corporation. See Delaware Code Title 30 Sec. 502
• Resident estate: means the estate of a decedent who at death was domiciled in this State. See Delaware Code Title 30 Sec. 1601
• Resident trust: means a trust:

  a. See Delaware Code Title 30 Sec. 1601

• Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
• State: means a state of the United States, the District of Columbia, Puerto Rico, The United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States. See Delaware Code Title 30 Sec. 502
• Tax: shall be deemed also to refer to license fees imposed under Part III of this title. See Delaware Code Title 30 Sec. 502
• Taxable: means any person, fiduciary, association of persons, syndicate, joint venture or copartnership subject to making return or to payment of tax imposed by this title. See Delaware Code Title 30 Sec. 101
• Trust: means an entity classified as a trust for federal income tax purposes, other than a trust of which the grantor or another person is treated as the owner of the entire trust under §§ 672 through 679 of the Internal Revenue Code [26 U. See Delaware Code Title 30 Sec. 1601
• Trustee: A person or institution holding and administering property in trust.
• Year: means a calendar year, and is equivalent to the words "year of our Lord. See Delaware Code Title 1 Sec. 302