§ 116.007 Allocation of income
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Terms Used In Oregon Statutes > Chapter 116 > Allocation of Income

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Decedent: A deceased person.
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Marital deduction: The deduction(s) that can be taken in the determination of gift and estate tax liabilities because of the existence of a marriage or marital relationship.
  • 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.
  • Testator: A male person who leaves a will at death.
  • Trustee: A person or institution holding and administering property in trust.