Terms Used In Indiana Code > Title 6 > Article 8 > Chapter 1 - Petroleum Severance Tax

• Appraisal: A determination of property value.
• Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
• 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.
• department: refers to the department of state revenue. See Indiana Code 6-8-1-2
• Executor: A male person named in a will to carry out the decedent
• Fiduciary: A trustee, executor, or administrator.
• 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.
• Lien: A claim against real or personal property in satisfaction of a debt.
• natural gas: means petroleum that maintains a gaseous state at atmospheric conditions. See Indiana Code 6-8-1-5
• oil: means petroleum that maintains a liquid state at atmospheric conditions. See Indiana Code 6-8-1-5
• owner: means a person receiving or entitled to receive a proportionate share of petroleum or a proportionate share of the proceeds of the sale of petroleum after production by an operator, and without limitation of the foregoing, includes the owners of royalties, excess royalty, overriding royalty, mineral rights, or working interest. See Indiana Code 6-8-1-7
• 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.
• person: means any individual, assignee, receiver, commissioner, fiduciary, trustee, executor, administrator, firm, partnership, joint venture, pool, syndicate, association, corporation, limited liability company, estate, trust, or any other group or combination acting as a unit. See Indiana Code 6-8-1-1
• petroleum: means all hydrocarbons produced at a well in a liquid or gaseous state. See Indiana Code 6-8-1-5
• Property: includes personal and real property. See Indiana Code 1-1-4-5
• Statute: A law passed by a legislature.
• Testimony: Evidence presented orally by witnesses during trials or before grand juries.
• Trustee: A person or institution holding and administering property in trust.
• value: means the price paid or offered to be paid for petroleum of a like grade or gravity in the field or pool in which such well is located, and, if no such price be paid or offered, then as determined pursuant to the rules of the department. See Indiana Code 6-8-1-4