Maine Revised Statutes > Title 36 > Part 8 > Chapter 805 – Computation of Taxable Income of Resident Individuals
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Terms Used In Maine Revised Statutes > Title 36 > Part 8 > Chapter 805 - Computation of Taxable Income of Resident Individuals
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- 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
- Bureau: means the Bureau of Revenue Services, which may be referred to as "Maine Revenue Services. See Maine Revised Statutes Title 36 Sec. 111
- Code: means the United States Internal Revenue Code of 1986 and amendments to that Code as of December 31, 2022. See Maine Revised Statutes Title 36 Sec. 111
- 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.
- Corporation: means any business entity subject to income taxation as a corporation under the laws of the United States, except the following:
A. See Maine Revised Statutes Title 36 Sec. 5102Decedent: A deceased person. Dependent: A person dependent for support upon another. Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts Fiduciary: A trustee, executor, or administrator. Intangible property: Property that has no intrinsic value, but is merely the evidence of value such as stock certificates, bonds, and promissory notes. 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. Lawsuit: A legal action started by a plaintiff against a defendant based on a complaint that the defendant failed to perform a legal duty, resulting in harm to the plaintiff. Maine adjusted gross income: means , for a resident individual, the federal adjusted gross income of that individual, as modified by section 5122. See Maine Revised Statutes Title 36 Sec. 5102 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. Personal property: All property that is not real property. Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide. Resident individual: means an individual:
A. See Maine Revised Statutes Title 36 Sec. 5102Return: means any document, digital file or electronic data transmission containing information required by this Title to be reported to the State Tax Assessor. See Maine Revised Statutes Title 36 Sec. 111 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. Tax: means the total amount required to be paid, withheld and paid over or collected and paid over with respect to estimated or actual tax liability under this Title, any credit or reimbursement allowed or paid pursuant to this Title that is recoverable by the assessor and any amount assessed by the assessor pursuant to this Title, including any interest or penalties provided by law. See Maine Revised Statutes Title 36 Sec. 111 Taxpayer: means any person required to file a return under this Title or to pay, withhold and pay over or collect and pay over any tax imposed by this Title. See Maine Revised Statutes Title 36 Sec. 111 Tribal land: means land within the Houlton Band Trust Land, the Passamaquoddy Indian territory or the Penobscot Indian territory. See Maine Revised Statutes Title 36 Sec. 111 Tribal member: means an enrolled member of the Houlton Band of Maliseet Indians, the Passamaquoddy Tribe or the Penobscot Nation. See Maine Revised Statutes Title 36 Sec. 111 Tribal member residing on tribal land: means an individual who is a tribal member and:
A. See Maine Revised Statutes Title 36 Sec. 5102United States: includes territories and the District of Columbia. See Maine Revised Statutes Title 1 Sec. 72 Year: means a calendar year, unless otherwise expressed. See Maine Revised Statutes Title 1 Sec. 72