Terms Used In Virginia Code > Title 8.7 > Part 2 > Sections

• Administrative adjustment request: means an administrative adjustment request filed by a partnership pursuant to § 6227 of the Internal Revenue Code. See Virginia Code 58.1-396
• Adult: means a person 18 years of age or more. See Virginia Code 1-203
• Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
• Allegation: something that someone says happened.
• Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
• Arrest: Taking physical custody of a person by lawful authority.
• Assessment: as used in this subtitle , shall include an assessment made pursuant to notice by the Department of Taxation and self-assessments made by a taxpayer upon the filing of a return or otherwise not pursuant to notice. See Virginia Code 58.1-1820
• Audited partnership: means a partnership subject to a partnership-level audit that results in a federal adjustment. See Virginia Code 58.1-396
• 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.
• 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}
• Board of supervisors: means the governing body of a county. See Virginia Code 15.2-102
• Conviction: A judgement of guilt against a criminal defendant.
• Corporate partner: means a partner that is subject to tax under Article 10 (§ 58. See Virginia Code 58.1-396
• 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.
• County: means any existing county or such unit hereafter created. See Virginia Code 15.2-102
• Decedent: A deceased person.
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
• Dependent: A person dependent for support upon another.
• Direct: means , with respect to a partner, that such partner holds a direct interest in a partnership or a pass-through entity and that such interest is not held indirectly through another partnership or pass-through entity. See Virginia Code 58.1-396
• Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
• Document: means document of title as defined in the general definitions in Title 8. See Virginia Code 8.7-102
• Donor: The person who makes a gift.
• Eligible owner: means a direct owner of a pass-through entity who is a natural person subject to the tax imposed by Article 2 (§ 58. See Virginia Code 58.1-390.1
• 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}
• Executor: A male person named in a will to carry out the decedent
• Exempt: means , with respect to a partner, that such partner is exempt from Virginia income taxation. See Virginia Code 58.1-396
• farm: means any person that obtains at least 51 percent of its annual gross income from agricultural operations and produces the agricultural waste used as feedstock for the waste-to-energy technology, (ii) "agricultural waste" means biomass waste materials capable of decomposition that are produced from the raising of plants and animals during agricultural operations, including animal manures, bedding, plant stalks, hulls, and vegetable matter, and (iii) "waste-to-energy technology" means any technology, including but not limited to a methane digester, that converts agricultural waste into gas, steam, or heat that is used to generate electricity on-site. See Virginia Code 1-222.1
• Federal adjustment: means a change to an item or amount determined under the Internal Revenue Code that is used by a taxpayer to compute Virginia tax owed, regardless of whether that change results from an action by the Internal Revenue Service including a partnership-level audit, or the filing of an amended federal return, federal refund claim, or administrative adjustment request by the taxpayer. See Virginia Code 58.1-396
• Federal adjustments report: means any methods or forms required by the Department for use by a partner or partnership to report final federal adjustments. See Virginia Code 58.1-396
• Federal partnership representative: means the person that a partnership designates for the taxable year as its representative or the person that the Internal Revenue Service appoints pursuant to § 6223(a) of the Internal Revenue Code to act as the federal partnership representative. See Virginia Code 58.1-396
• Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
• Fiduciary: A trustee, executor, or administrator.
• Final determination date: means the date determined pursuant to the provisions of § 58. See Virginia Code 58.1-396
• Final federal adjustment: means a federal adjustment for which the final determination date has passed. See Virginia Code 58.1-396
• Fraud: Intentional deception resulting in injury to another.
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• Good faith: means honesty in fact and the observance of reasonable commercial standards of fair dealing. See Virginia Code 8.7-102
• Goods: means all things that are treated as movable for the purposes of a contract of storage or transportation. See Virginia Code 8.7-102
• 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.
• Includes: means includes, but not limited to. See Virginia Code 1-218
• Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. ^{Source: FDIC}
• Indirect: means , with respect to a partner, that such partner does not hold a direct interest in a partnership or pass-through entity but instead holds a direct interest in another partnership or pass-through entity that itself holds an interest directly, or through another indirect partner, in the partnership or pass-through entity. See Virginia Code 58.1-396
• Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
• Intangible property: Property that has no intrinsic value, but is merely the evidence of value such as stock certificates, bonds, and promissory notes.
• Issuer: means a bailee who issues a document except that in relation to an unaccepted delivery order it means the person who orders the possessor of goods to deliver. See Virginia Code 8.7-102
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Lien: A claim against real or personal property in satisfaction of a debt.
• Month: means a calendar month and "year" means a calendar year. See Virginia Code 1-223
• Nonresident: means , with respect to an individual, estate, or trust partner, that such partner is not a resident partner. See Virginia Code 58.1-396
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Oversight: Committee review of the activities of a Federal agency or program.
• Owner: means any individual or entity who is treated as a partner, member, or shareholder of a pass-through entity for federal income tax purposes. See Virginia Code 58.1-390.1
• Partner: means a person that holds an interest directly or indirectly in a partnership or pass-through entity. See Virginia Code 58.1-396
• 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.
• Partnership: means an entity subject to taxation under Subchapter K, 26 U. See Virginia Code 58.1-396
• Partnership-level audit: means an examination by the Internal Revenue Service at the partnership level pursuant to Subchapter C, 26 U. See Virginia Code 58.1-396
• Pass-through entity: means any entity, including a limited partnership, a limited liability partnership, a general partnership, a limited liability company, a professional limited liability company, a business trust, or a Subchapter S corporation, that is recognized as a separate entity for federal income tax purposes, in which the partners, members, or shareholders report their share of the income, gains, losses, deductions, and credits from the entity on their federal income tax returns or make the election and pay the tax levied pursuant to § 58. See Virginia Code 58.1-390.1
• Pass-through entity: means any pass-through entity as defined in § 58. See Virginia Code 58.1-396
• Personal property: All property that is not real property.
• Quorum: The number of legislators that must be present to do business.
• real estate: includes lands, tenements and hereditaments, and all rights and appurtenances thereto and interests therein, other than a chattel interest. See Virginia Code 1-219
• Record: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form. See Virginia Code 8.7-102
• 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.
• Resident: means , with respect to an individual partner, that such partner is a resident, as defined in § 58. See Virginia Code 58.1-396
• Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
• Reviewed year: means the taxable year of a partnership that is subject to a partnership-level audit from which federal adjustments arise. See Virginia Code 58.1-396
• 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 agency: means the same as that term is defined in § 2. See Virginia Code 1-206
• State partnership representative: means the person identified as the representative of a partnership pursuant to the provisions of § 58. See Virginia Code 58.1-396
• Statute of limitations: A law that sets the time within which parties must take action to enforce their rights.
• Subpoena: A command to a witness to appear and give testimony.
• Summons: Another word for subpoena used by the criminal justice system.
• Taxpayer: includes every person, corporation, partnership, organization, trust or estate subject to taxation under the laws of this Commonwealth, or under the ordinances, resolutions or orders of any county, city, town or other political subdivision of this Commonwealth. See Virginia Code 58.1-1
• Testator: A male person who leaves a will at death.
• Tiered partner: means any partner that is a partnership or a pass-through entity and is not an individual. See Virginia Code 58.1-396
• Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
• 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.
• Venue: The geographical location in which a case is tried.
• Voter: means a qualified voter as defined in § 24. See Virginia Code 15.2-102
• Warehouseman: is a person engaged in the business of storing goods for hire. See Virginia Code 8.7-102