Wisconsin Statutes 71.738 – Definitions
Current as of: 2024 | Check for updates
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In this subchapter:
Terms Used In Wisconsin Statutes 71.738
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- 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.
- 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: includes all partnerships, associations and bodies politic or corporate. See Wisconsin Statutes 990.01
(1m) “Department” means the department of revenue.
(2m) “File” means mail or deliver a document that the department prescribes to the department or, if the department prescribes another method of submitting or another destination, use that other method or submit to that other destination.
(3) “Last day prescribed by law” means the unextended due date of the return or of the claim made under subch. VIII.
(3d) “Pass-through entity” means a partnership, a limited liability company, a tax-option corporation, an estate, or a trust that is treated as a pass-through entity for federal income tax purposes.
(3e) “Pass-through item” means a tax-option item under s. 71.34 (3) or an item of income, gain, loss, deduction, credit, or any other item that originates with a pass-through entity and is required to be reported by one or more pass-through members under this chapter.
(3f) “Pass-through member” means a person who is a partner in a partnership, member of a limited liability company, shareholder in a tax-option corporation, beneficiary of an estate or a trust, or any other person whose tax liability under this chapter is determined in whole or in part by taking into account the person’s share of pass-through items, directly or indirectly, from a pass-through entity.
(4) “Sign” means write one’s signature or, if the department prescribes another method of authenticating, use that other method.