Terms Used In Delaware Code > Title 30 > Chapter 16 > Subchapter III - Taxation of Estates, Trusts and Their Beneficiaries

• 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}
• 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
• 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.
• Director: means the Director of the Division of Revenue or the Secretary of Finance of the State. See Delaware Code Title 30 Sec. 502
• Fiduciary: A trustee, executor, or administrator.
• 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
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• 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
• 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
• United States: includes its territories and possessions and the District of Columbia. See Delaware Code Title 1 Sec. 302
• Year: means a calendar year, and is equivalent to the words "year of our Lord. See Delaware Code Title 1 Sec. 302