Terms Used In Iowa Code > Chapter 450B - Qualified Use Inheritance Tax

• Business: means any trade, occupation, activity, or enterprise engaged in for the purpose of selling or distributing tobacco products in this state. See Iowa Code 453A.42
• 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.
• Director: means the director of the department of revenue. See Iowa Code 453A.42
• Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
• following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
• 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}
• Internal Revenue Code: means the same as defined in section 422. See Iowa Code 450B.1
• Lien: A claim against real or personal property in satisfaction of a debt.
• property: includes personal and real property. See Iowa Code 4.1
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• real property: include lands, tenements, hereditaments, and all rights thereto and interests therein, equitable as well as legal. See Iowa Code 4.1
• Rule: includes "regulation". See Iowa Code 4.1
• state: when applied to the different parts of the United States, includes the District of Columbia and the territories, and the words "United States" may include the said district and territories. See Iowa Code 4.1
• Taxpayer: means a qualified heir liable for the inheritance tax imposed under chapter 450 on qualified real property. See Iowa Code 450B.1
• United States: includes all the states. See Iowa Code 4.1
• Use: means the exercise of any right or power incidental to the ownership of tobacco products. See Iowa Code 453A.42
• year: means twelve consecutive months. See Iowa Code 4.1