Terms Used In Vermont Statutes > Title 32 > Chapter 151 > Subchapter 1 - Definitions; General Provisions

• Affiliated group: means a group of two or more corporations in which more than 50 percent of the voting stock of each member corporation is directly or indirectly owned by a common owner or owners, either corporate or noncorporate, or by one or more of the member corporations, but shall exclude foreign corporations and corporations taxable under 8 V. See
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Commissioner: means the Commissioner of Taxes appointed under section 3101 of this title or any officer or employee of the Department authorized by the Commissioner (directly or indirectly by one or more redelegations of authority) to perform the functions mentioned or described in this chapter. See
• consumer price index: means the last Consumer Price Index for All Urban Consumers published by the U. See
• 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, and any entity qualified as a small business corporation, under the laws of the United States, with the exception of the following entities that are exempt from taxation under this chapter:

• Debt: means any obligation to pay a sum of money to a claimant agency, the amount of which is fixed by agreement between the debtor and the claimant agency or by operation of law. See
• Decedent: A deceased person.
• Department: means the Vermont Department of Taxes. See
• Dependent: A person dependent for support upon another.
• 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.
• Fiscal year: means an accounting period of 12 months ending on the last day of any month except December, or an accounting period of less than 12 months, which period is employed as the fiscal year of the taxpayer for U. See
• following: when used by way of reference to a section of the law shall mean the next preceding or following section. See
• Individual: means a natural person. See
• inhabitants: shall mean the population of the political division referred to, as ascertained by the national census last completed before the time when such population is a material fact. See
• Month: shall mean a calendar month and "year" shall mean a calendar year and be equivalent to the expression "year of our Lord. See
• 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: shall include an individual, firm, partnership, association, joint stock company, corporation, trust, estate, or other entity. See
• Personal property: All property that is not real property.
• Qualified resident taxpayer: means an individual qualifying for residency as defined under subdivision (11) of this section and whose adjusted gross income is equal to or less than:

• real estate: shall include lands, tenements, and hereditaments and all rights thereto and interests therein, and pews or slips in places of public worship shall be treated as real estate. See
• Resident estate: means the estate of a decedent who, at the decendent's death, was domiciled in this State. See
• State: when applied to the different parts of the United States may apply to the District of Columbia and any territory and the Commonwealth of Puerto Rico. See
• tax liability: includes the liability for all amounts owing by a taxpayer to the State of Vermont under this chapter. See
• Taxable corporation: means , for any taxable year, a corporation that, at any time during that taxable year:

• Taxable income: means , in the case of an individual, federal adjusted gross income determined without regard to 26 U. See
• Taxable year: means the calendar year, or the fiscal year ending during the calendar year, with respect to which a tax is imposed under this chapter and, in the case of a return filed with respect to a fractional part of a year, the period with respect to which the return is filed. See
• Taxpayer: means a person obligated to file a return with or pay or remit any amount to this State under this chapter. See
• Unitary business: means one or more related business organizations engaged in business activity both within and outside the State among which there exists a unity of ownership, operation, and use or an interdependence in their functions. See
• Vermont net income: includes the allocable share of the combined net income of the group. See
• Village: shall mean an incorporated village. See