Terms Used In Vermont Statutes > Title 32 > Chapter 151 > Subchapter 10A - Taxation of S Corporations

• Code: means the Internal Revenue Code of 1986, as amended and as applicable to the taxable period; references to sections of the Code shall be deemed to refer to corresponding provisions of prior and subsequent federal tax laws. See
• 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
• 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:

• Individual: means a natural person. See
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Person: shall include an individual, firm, partnership, association, joint stock company, corporation, trust, estate, or other entity. See
• Pro rata share: means the portion of any item attributable to an S corporation shareholder for a taxable period determined in the manner provided in, and subject to any election made under, subsection 1377(a) or 1362(e), as the case may be, of the Code. See
• S corporation: means a corporation for which a valid election under subsection 1362(a) of the Code is in effect. 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
• Statute: A law passed by a legislature.
• tax liability: includes the liability for all amounts owing by a taxpayer to the State of Vermont under this chapter. See
• Taxable period: means any taxable year or portion of a taxable year during which a corporation is an S corporation. 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