Terms Used In West Virginia Code > Chapter 11 > Article 23 - Business Franchise Tax

• Agriculture: means the cultivation of the soil, including the planting and harvesting of crops and the breeding and management of livestock. See West Virginia Code 11-5-3
• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Association: means a partnership, limited partnership or any other form of unincorporated enterprise, owned or conducted by two or more persons. See West Virginia Code 11-22-1
• Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
• business income: means income arising from transactions and activity in the regular course of the taxpayer'. See West Virginia Code 11-23-3
• commercial domicile: means the principal place from which the trade or business of the taxpayer is directed or managed: Provided, That the commercial domicile of a financial organization, which is subject to regulation as such, shall be at the place designated as its principal office with its regulating authority. See West Virginia Code 11-23-3
• Commissioner: means the State Tax Commissioner. See West Virginia Code 11-22-1
• compensation: means wages, salaries, commissions and any other form of remuneration paid to employees for personal services. See West Virginia Code 11-23-3
• corporation: includes any corporations, S corporation, joint-stock company and any association or other organization which is taxable as a corporation under federal income tax laws or the income tax laws of this state. See West Virginia Code 11-23-3
• Decedent: A deceased person.
• Document: means any deed, or instrument or writing by which any real property within this state or any interest in real property is granted, conveyed or otherwise transferred to the grantee, purchaser or any other person. See West Virginia Code 11-22-1
• doing business: means any activity of a corporation or partnership which enjoys the benefits and protection of the government and laws of this state, except the activity of agriculture and farming, which shall mean the production of food, fiber and woodland products (but not timbering activity) by means of cultivation, tillage of the soil and by the conduct of animal, livestock, dairy, apiary, equine or poultry husbandry, horticulture, or any other plant or animal production and all farm practices related, usual or incidental thereto, including the storage, packing, shipping and marketing, but not including any manufacturing, milling or processing of such products by persons other than the producer thereof. See West Virginia Code 11-23-3
• domestic corporation: means a corporation organized under the laws of this state, and certain corporations organized under the laws of the state of Virginia before June 20, 1863. See West Virginia Code 11-23-3
• Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs.
• Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. ^{Source: U.S. Courts}
• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Executor: A male person named in a will to carry out the decedent
• Fiduciary: A trustee, executor, or administrator.
• fiduciary: means , and includes, a guardian, trustee, executor, administrator, receiver, conservator or any person acting in any fiduciary capacity for any person. See West Virginia Code 11-23-3
• financial organization: means :

  (A) A holding company or a subsidiary thereof. See West Virginia Code 11-23-3

• fiscal year: means an accounting period of twelve months ending on any day other than the last day of December, and on the basis of which the taxpayer is required to report for federal income tax purposes. See West Virginia Code 11-23-3
• Fraud: Intentional deception resulting in injury to another.
• Grantor: The person who establishes a trust and places property into it.
• Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
• holding company: means a corporation registered under the federal bank holding company act of 1956 or registered as a savings and loan holding company other than a diversified savings and loan holding company (as defined in section 408(a)(1)(F) of the federal national housing act (12 U. See West Virginia Code 11-23-3
• Horticulture: means plant production of every character except forestry. See West Virginia Code 11-5-3
• in writing: includes any representation of words, letters, or figures, whether by printing, engraving, writing, or otherwise. See West Virginia Code 2-2-10
• including: when used in a definition contained in this article shall not be deemed to exclude other things otherwise within the meaning of the term being defined. See West Virginia Code 11-23-3
• Intangible property: Property that has no intrinsic value, but is merely the evidence of value such as stock certificates, bonds, and promissory notes.
• Laws of the state: includes the Constitution of the State of West Virginia and the Constitution of the United States, and treaties and laws made in pursuance thereof. See West Virginia Code 2-2-10
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• or his delegate: when used in reference to the Tax Commissioner, means any officer or employee of the State Tax Department duly authorized by the Tax Commissioner directly, or indirectly by one or more redelegations of authority, to perform the functions mentioned or described in this article or regulations promulgated thereunder. See West Virginia Code 11-23-3
• partner: includes a member in such a syndicate, group, pool, joint venture or other unincorporated organization which is a partnership. See West Virginia Code 11-23-3
• partnership: includes a syndicate, group, pool, joint venture or other unincorporated organization through or by means of which any business, financial operation or venture is carried on, and which is not a trust or estate, a corporation or a sole proprietorship or an unincorporated organization which under Section 761 of the Internal Revenue Code of 1986, as amended, and is not treated as a partnership for the taxable year for federal income tax purposes. See West Virginia Code 11-23-3
• person: includes any corporation or partnership. See West Virginia Code 11-23-3
• Personal property: All property that is not real property.
• personal property: includes goods, chattels, real and personal, money, credits, investments, and the evidences thereof. See West Virginia Code 2-2-10
• pro forma return: when used in this article means the return which the taxpayer would have filed with the Internal Revenue Service had it not elected to file federally as part of a consolidated group. See West Virginia Code 11-23-3
• Producer: means the person who is actually engaged in the agriculture, horticulture and grazing which gives existence and fruition to products of agriculture as distinguished from the broker or middleman. See West Virginia Code 11-5-3
• regulated financial corporation: means :

  (1) An institution, the deposits, shares or accounts of which are insured under the federal deposit insurance act, or by the federal savings and loan insurance corporation. See West Virginia Code 11-23-3

• 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.
• sales: means all gross receipts of the taxpayer that are "business income" as defined in this section. See West Virginia Code 11-23-3
• Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
• state: means a state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, or any territory or possession of the United States, and any foreign country or political subdivision thereof. See West Virginia Code 11-23-3
• Statute: A law passed by a legislature.
• Statute of limitations: A law that sets the time within which parties must take action to enforce their rights.
• stock: includes shares in a corporation, association or joint-stock company. See West Virginia Code 11-23-3
• Tax year: means the calendar year following the July first assessment day or, in the case of a public service business assessed pursuant to article six of this chapter, the calendar year beginning on the January first assessment day. See West Virginia Code 11-5-3
• taxable year: means the calendar year, or the fiscal year ending during such calendar year, upon the basis of which tax liability is computed under this article. See West Virginia Code 11-23-3
• taxpayer: means any person (as defined in this section) subject to the tax imposed by this article. See West Virginia Code 11-23-3
• this code: means the Code of West Virginia, 1931, as amended. See West Virginia Code 11-23-3
• this state: means the State of West Virginia. See West Virginia Code 11-23-3
• Transaction: means the delivering, accepting or presenting for recording of a document. See West Virginia Code 11-22-1
• treasury stock: means shares of a corporation which have been issued and have been subsequently acquired by and belong to such corporation, and have not been canceled or restored to the status of authorized but unissued shares. See West Virginia Code 11-23-3
• Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. ^{Source: OCC}
• Trustee: A person or institution holding and administering property in trust.
• Value: means in the case of any document not a gift, the amount of the full actual consideration for the document, paid or to be paid, including the amount of any lien or liens assumed. See West Virginia Code 11-22-1