Montana Code 15-30-3702. Definitions
15-30-3702. Definitions. As used in this part, the following definitions apply:
Terms Used In Montana Code 15-30-3702
- Corporation: means a corporation, as defined in 15-30-2101, including a unitary business, as described in 15-31-301. See Montana Code 15-30-3702
- 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.
- Predecessor or successor corporation: means a corporation that was party to a reorganization that was entirely or substantially tax-free and that occurred during or after the employment of an individual claiming the rate under 15-30-3704. See Montana Code 15-30-3702
(1)(a) “Capital stock” means voting or nonvoting common or preferred stock acquired as the result of employment or service as an employee or director with a corporation.
(b)The term does not include stock rights or debt securities.
(2)(a) “Corporation” means a corporation, as defined in 15-30-2101, including a unitary business, as described in 15-31-301.
(b)The term includes a predecessor or successor corporation.
(c)The term does not include either a business entity or a business entity with a financial interest in another business entity that is directly or indirectly engaged in a business activity that is illegal under federal law, regardless of how the business entity is organized.
(3)”Net long-term capital gain” has the meaning provided in section 1222(7) of the Internal Revenue Code, 26 U.S.C. § 1222(7).
(4)”Predecessor or successor corporation” means a corporation that was party to a reorganization that was entirely or substantially tax-free and that occurred during or after the employment of an individual claiming the rate under 15-30-3704.