Terms Used In Vermont Statutes > Title 32 > Chapter 236 - Tax On Gains From the Sale or Exchange of Land

• Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Boxer: means an individual who participates in a boxing match. See
• Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
• Contestant: includes both amateur and professional mixed martial arts competitors. See
• Contract: A legal written agreement that becomes binding when signed.
• 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.
• Decedent: A deceased person.
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Director: means the Director of the Vermont Office of Professional Regulation. See
• Director: means the Director of the Office of Professional Regulation. See
• Disciplinary action: includes any action by the administrative law officer appointed under 3 V. See
• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• Exhibition: means an engagement in which the contestants show or display their skills without necessarily striving to win. See
• Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
• family: shall mean persons in a relationship to the transferor of grandparent, parent or stepparent, brother or sister, or natural or adopted child. See
• farmland: means land that will be actively operated or leased as part of a farm enterprise, and "open-space land" shall mean land without structures thereon. See
• Fees: shall mean earnings due for official services, aside from salaries or per diem compensation. See
• following: when used by way of reference to a section of the law shall mean the next preceding or following section. See
• Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. ^{Source: OCC}
• Health care provider: means a health care practitioner licensed in Vermont who is permitted under the practitioner's statutory or regulatory scope of practice to conduct the types of examinations set forth in this subchapter. See
• Intestate: Dying without leaving a will.
• Joint tenancy: A form of property ownership in which two or more parties hold an undivided interest in the same property that was conveyed under the same instrument at the same time. A joint tenant can sell his (her) interest but not dispose of it by will. Upon the death of a joint tenant, his (her) undivided interest is distributed among the surviving joint tenants.
• 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.
• land: is a ny land up to 10 acres, with the modification permitted by subsection (c) of this section, acquired by a person who will build on that land a house that, by the next succeeding sale, will be the principal residence of the occupant when the person purchases from the person who built the house. See
• Lien: A claim against real or personal property in satisfaction of a debt.
• Manager: means a person who receives compensation for service as an agent or representative of a professional boxer. See
• match: means a contest or training exhibition for a prize or purse where an admission fee is charged and where individuals score points by striking the head and upper torso of an opponent with padded fists. See
• Mixed martial arts: means unarmed combat involving the use, subject to any applicable limits set forth in this subchapter and in any rules adopted in accordance with this subchapter, of a combination of techniques, including grappling, kicking, and striking, from different disciplines of martial arts. See
• mixed martial arts event: means a mixed martial arts match or two or more mixed martial arts matches held at the same location on the same or consecutive dates. See
• mixed martial arts match: includes amateur matches and exhibitions. See
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Mortgagee: The person to whom property is mortgaged and who has loaned the money.
• Municipality: shall include a city, town, town school district, incorporated school or fire district or incorporated village, and all other governmental incorporated units. See
• National Boxer Registry: means an entity certified by the Association of Boxing Commissions for the purpose of maintaining records for the identification of professional boxers and for tracking their records and suspensions. See
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Office: means the Vermont Office of Professional Regulation. See
• open-space land: shall mean land without structures thereon. See
• Participant: means managers, seconds, referees, and judges in a professional boxing match. See
• Participant: means individuals who participate, directly or indirectly, in mixed martial arts matches, including managers, referees, match makers, seconds, corners, and judges. See
• Person: shall include any natural person, corporation, municipality, the State of Vermont or any department, agency, or subdivision of the State, and any partnership, unincorporated association, or other legal entity. See
• principal residence: means the principal dwelling of a person whose domicile is in the State of Vermont. See
• Promoter: means a person that organizes, holds, advertises, or otherwise conducts a professional boxing match. See
• Promoter: means any person, club, corporation, or association and, in the case of a corporate promoter, includes any officer, director, employee, or stockholder thereof, who produces, arranges, or stages any mixed martial arts match. See
• 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
• Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
• Right of survivorship: The ownership rights that result in the acquisition of title to property by reason of having survived other co-owners.
• sale or exchange of land: shall mean any transfer of title to land for a consideration. 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.
• subdivision: means a tract or tracts of land, owned or controlled by a person, that the person has partitioned or divided for the purpose of sale or transfer. See
• Tenancy by the entirety: A type of joint tenancy between husband and wife that is recognized in some States. Neither party can sever the joint tenancy relationship; when a spouse dies, the survivor acquires full title to the property.
• Town: shall include city and wards or precincts therein; "selectboard members" and "board of civil authority" shall extend to and include the mayor and aldermen of cities; "trustees" shall extend to and include bailiffs of incorporated villages; and the laws applicable to the inhabitants and officers of towns shall be applicable to the inhabitants and similar officers of all municipal corporations. See
• Trustee: A person or institution holding and administering property in trust.
• Underlying land: means the land from which timber or timber rights have been separated, whether subdivided or not. See
• Village: shall mean an incorporated village. See