Terms Used In Indiana Code > Title 6 > Article 5.5 > Chapter 2 - Imposition of Tax

• 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}
• business of a financial institution: means the following:

  Indiana Code 6-5.5-1-17

• 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.
• Grantor: The person who establishes a trust and places property into it.
• gross income: includes income from interest, fees, penalties, a market discount or other type of discount, rental income, the gain on a sale of intangible or other property evidencing a loan or extension of credit, and dividends or other income received as a means of furthering the activities set out in this subdivision. See Indiana Code 6-5.5-1-17
• 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.
• 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.
• Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
• Taxpayer: means a corporation that is transacting the business of a financial institution in Indiana, including any of the following:

  Indiana Code 6-5.5-1-17

• Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5