26 CFR 50.3 – General definitions and use of terms
As used in the regulations in this part:
Terms Used In 26 CFR 50.3
- 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.
(a) The term Act means “An Act to create the California Debris Commission and regulate hydraulic mining in the State of California” approved March 1, 1893, as amended, 27 Stat. 507; 34 Stat. 1001; 48 Stat. 1118; 52 Stat. 1040; 61 Stat. 501; 33 U.S.C. §§ 661–687.
(b) The term person means an individual, a trust, estate, partnership, company, or corporation.
(c) The term Secretary means the Secretary of the Treasury.
(d) The term Commissioner means the Commissioner of Internal Revenue.
(e) The term district director means the district director of internal revenue.
(f) The terms hydraulic mining and mining by the hydraulic process shall have the meaning and application given said terms in the State of California.
(g) The term taxable year means the twelve-month period ending on August 31 of each year for which the tax imposed by the Act is payable.