Terms Used In Montana Code > Title 15 > Chapter 30 > Part 30 - Special Income Tax Applications

• Account: means a Montana farm and ranch risk management account. See Montana Code 15-30-3002
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• 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.
• Disqualification period: means any period of 2 consecutive tax years in which the taxpayer is not engaged in an eligible agricultural business. See Montana Code 15-30-3002
• Eligible agricultural business: means the business of agricultural production, as agricultural is defined in 15-1-101, including silviculture, conducted by an individual or family farm corporation that files net farm income reports for tax purposes as required by the United States internal revenue service. See Montana Code 15-30-3002
• Family farm corporation: means a corporation that consists of immediate family members. See Montana Code 15-30-3002
• Grantor: The person who establishes a trust and places property into it.
• Immediate family members: means family members that are within the second degree of consanguinity or affinity. See Montana Code 15-30-3002
• Individual: means a human being and does not include an estate or trust. See Montana Code 15-30-3002
• Property: means real and personal property. See Montana Code 1-1-205
• State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Montana Code 1-1-201
• Trustee: A person or institution holding and administering property in trust.
• United States: includes the District of Columbia and the territories. See Montana Code 1-1-201