Terms Used In Delaware Code > Title 30 > Chapter 16 > Subchapter II - Taxation of Pass-Through Entities and Their Members

• 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.
• Director: means the Director of the Division of Revenue or the Secretary of Finance of the State. See Delaware Code Title 30 Sec. 502
• Distributive share: means , with respect to any member and with respect to any taxable year of such member:

  In the case of a pass-through entity that is classified as a partnership under the Internal Revenue Code, the distributive share of such member for such taxable year of the pass-through entity's income, gain, loss or deduction, or items thereof, as appropriate, determined under § 704 of the Internal Revenue Code [26 U. See Delaware Code Title 30 Sec. 1601

• member: means a person treated for federal income tax purposes as either a partner in a partnership or a shareholder of an S corporation, but does not include a beneficiary of an estate or trust. See Delaware Code Title 30 Sec. 1601
• Pass-through entity: means any person:

  a. See Delaware Code Title 30 Sec. 1601

• Personal property: All property that is not real property.
• State: means a state of the United States, the District of Columbia, Puerto Rico, The United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States. See Delaware Code Title 30 Sec. 502
• Tax: shall be deemed also to refer to license fees imposed under Part III of this title. See Delaware Code Title 30 Sec. 502
• Taxable: means any person, fiduciary, association of persons, syndicate, joint venture or copartnership subject to making return or to payment of tax imposed by this title. See Delaware Code Title 30 Sec. 101
• Year: means a calendar year, and is equivalent to the words "year of our Lord. See Delaware Code Title 1 Sec. 302