Terms Used In Indiana Code > Title 4 > Article 35 > Chapter 8.7 - Gaming Integrity Fee

• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• 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}
• current valuation year: means the year of the trust for which the unitrust amount is being determined. See Indiana Code 30-2-15-1
• 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.
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• fund: means the gaming integrity fund established by section 3 of this chapter. See Indiana Code 4-35-8.7-1
• in writing: include printing, lithographing, or other mode of representing words and letters. See Indiana Code 1-1-4-5
• income trust: means :

  Indiana Code 30-2-15-2

• Inter vivos: Transfer of property from one living person to another living person.
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Marital deduction: The deduction(s) that can be taken in the determination of gift and estate tax liabilities because of the existence of a marriage or marital relationship.
• Month: means a calendar month, unless otherwise expressed. See Indiana Code 1-1-4-5
• net fair market value: means the fair market value of each asset comprising the trust reduced by the liens, debts, and encumbrances of the trust, regardless of whether the liens, debts, and encumbrances are allocable to a specific asset. See Indiana Code 30-2-15-3
• participant: means an individual who has accumulated a balance of funds with a payroll savings plan administrator through a payroll savings plan. See Indiana Code 30-2-16-1
• payroll savings plan: means a method provided by an employer to the employer's employees for the voluntary purchase of United States savings bonds on a regular schedule through the designation of an amount to be deducted each pay period until a sufficient amount accumulates to pay the purchase price of at least one (1) United States savings bond. See Indiana Code 30-2-16-2
• payroll savings plan administrator: means an organization that:

  Indiana Code 30-2-16-3

• Personal property: All property that is not real property.
• Personal property: includes goods, chattels, evidences of debt, and things in action. See Indiana Code 1-1-4-5
• Property: includes personal and real property. See Indiana Code 1-1-4-5
• Public debt: Cumulative amounts borrowed by the Treasury Department or the Federal Financing Bank from the public or from another fund or account. The public debt does not include agency debt (amounts borrowed by other agencies of the Federal Government). The total public debt is subject to a statutory limit.
• static balance: means an amount held by a payroll savings plan administrator for a participant who:

  Indiana Code 30-2-16-4

• Testator: A male person who leaves a will at death.
• total return unitrust: means an income trust that has been converted to a total return unitrust in accordance with this chapter. See Indiana Code 30-2-15-4
• Trustee: A person or institution holding and administering property in trust.
• trustee: refers to the:

  Indiana Code 30-2-15-5

• United States: includes the District of Columbia and the commonwealths, possessions, states in free association with the United States, and the territories. See Indiana Code 1-1-4-5
• unitrust amount: means an amount computed as a percentage of the fair market value of the trust as set forth in this chapter. See Indiana Code 30-2-15-6
• unitrust rate: means the percentage of the fair market value of the trust that is determined under section 15 of this chapter and used to calculate the unitrust amount. See Indiana Code 30-2-15-7
• year: means a calendar year. See Indiana Code 30-2-15-8
• Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5