Terms Used In Virginia Code > Title 13.1 > Chapter 14 > Article 13 - Reports and Records.

• Actual cost: means the actual price paid by a remote retail seller for each individual stock keeping unit or SKU. See Virginia Code 58.1-1021.01
• Articles of trust: includes the original articles of trust, the original certificate of trust issued by the Commission, and all amendments to the articles of trust. See Virginia Code 13.1-1201
• Beneficial owner: means any owner of a beneficial interest in a business trust, the fact of ownership to be determined and evidenced, whether by means of registration, the issuance of certificates or otherwise, in conformity to the applicable provisions of the governing instrument of the business trust. See Virginia Code 13.1-1201
• Business trust: includes , without limitation, any of the following entities that conform with subdivisions 1 and 2 of this definition:

  (1) A trust of the type known at common law as a "business trust" or "Massachusetts trust";

  (2) A trust qualifying as a real estate mortgage investment conduit under § 860 D of the United States Internal Revenue Code of 1986, as amended, or under any successor provision;

  (3) A trust qualifying as a real estate investment trust under §§ 856 through 859 of the United States Internal Revenue Code of 1986, as amended, or under any successor provision; or

  (4) A "real estate investment trust" or "trust" created under former Chapter 9 of Title 6 or former Chapter 9 of Title 6. See Virginia Code 13.1-1201

• Consumer: means the person who is the end or final user of tobacco products or liquid nicotine. See Virginia Code 58.1-1021.01
• Department: means the Department of Taxation. See Virginia Code 58.1-1
• Distributor: means (i) any person engaged in the business of selling tobacco products in the Commonwealth who brings, or causes to be brought, into the Commonwealth from outside the Commonwealth any tobacco products for sale; (ii) any person who makes, manufactures, fabricates, or stores tobacco products in the Commonwealth for sale in the Commonwealth; (iii) any person engaged in the business of selling tobacco products outside the Commonwealth who ships or transports tobacco products to any person in the business of selling tobacco products in the Commonwealth; or (iv) any retail dealer in possession of untaxed tobacco products in the Commonwealth. See Virginia Code 58.1-1021.01
• Embezzlement: In most states, embezzlement is defined as theft/larceny of assets (money or property) by a person in a position of trust or responsibility over those assets. Embezzlement typically occurs in the employment and corporate settings. ^{Source: OCC}
• Fraud: Intentional deception resulting in injury to another.
• Governing instrument: means a trust instrument that creates a business trust and provides for the governance of the affairs of the business trust and the conduct of its business, including, without limitation, a declaration of trust. See Virginia Code 13.1-1201
• Liquid nicotine: means a liquid or other substance containing nicotine in a concentration that is sold, marketed, and intended for use in a nicotine vapor product. See Virginia Code 58.1-1021.01
• Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
• Manufacturer: means a person who manufactures or produces tobacco products and sells tobacco products to a distributor. See Virginia Code 58.1-1021.01
• 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: means any individual, corporation, partnership, association, company, business, trust, joint venture, or other legal entity. See Virginia Code 58.1-1021.01
• Personal property: All property that is not real property.
• Pipe tobacco: means any tobacco that, because of its appearance, type, packaging, or labeling, is suitable for use and likely to be offered or purchased by consumers as tobacco to be smoked in a pipe. See Virginia Code 58.1-1021.01
• Remote retail sale: means any sale of cigars or pipe tobacco to a consumer in the Commonwealth when (i) the consumer submits the order for the sale by means of a telephone or other method of voice transmission, the mail, or the Internet or other online service, or the seller is otherwise not in the physical presence of the consumer when the request for the purchase or order is made, or (ii) the cigars or pipe tobacco are delivered to the consumer by common carrier, private delivery service, or other method of remote delivery, or the seller is not in the physical presence of the consumer when the buyer obtains possession of the cigars or pipe tobacco. See Virginia Code 58.1-1021.01
• Remote retail seller: means a person located within or outside of the Commonwealth that makes remote retail sales of cigars or pipe tobacco. See Virginia Code 58.1-1021.01
• Retail dealer: means every person that sells or offers for sale any tobacco product or liquid nicotine to consumers at retail in a transaction other than a remote retail sale and includes any person that holds an approved Retail Sales and Use Tax Exemption Certificate for Stamped Cigarettes Purchased for Resale or an Other Tobacco Products Distributor's License issued by the Department of Taxation. See Virginia Code 58.1-1021.01
• SKU: means an individual stock keeping unit identifier used for tracking inventory. See Virginia Code 58.1-1021.01
• tobacco products: means (i) "cigar" as defined in § 5702(a) of the Internal Revenue Code, and as such section may be amended; (ii) "smokeless tobacco" as defined in § 5702(m) of the Internal Revenue Code, and as such section may be amended; or (iii) "pipe tobacco" as defined in § 5702(n) of the Internal Revenue Code, and as such section may be amended. See Virginia Code 58.1-1021.01
• Trust: includes a common law trust, business trust, and foreign business trust. See Virginia Code 13.1-1201
• Use: means the exercise of any right or power over cigarettes incident to the ownership thereof or by any transaction where possession is given, except that it does not include the sale of cigarettes in the regular course of business. See Virginia Code 58.1-1000